Evotec

Changes at Deutsche Börse:

The used car dealer Auto1 $AG1 (-0,16%) and the biotech company Evotec $EVT (-0,09%) return to the small cap index on 23.12.24 MDax of the German Stock Exchange. They will replace the metal recycler Befesa $BFSA (+0,1%) and the automotive and industrial supplier Stabilus $STM (-0,25%) which will be relegated to the small-cap index SDax, as announced by Deutsche Börse subsidiary ISS Stoxx on Wednesday evening.

Evotec was only forced to leave the MDax in September, but since then the shares have risen again in view of a possible sale of the company. Auto1, on the other hand, was previously listed on the MDax until spring 2022.

In addition, the SDAX also has three newcomers. The software company Nexus $NXU (+0,36%) the scientific publisher Springer Nature
$SPG (+0%) and the biosimilars specialist Formycon $FYB (+0,42%) .

On the other hand, the telecom equipment supplier Adtran Holdings
$ADTN (-0,44%) the office furniture mail order company Takkt
$TTK (+0%) and the hydrogen specialist Thyssenkrupp Nucera
$NCH2 (+0,36%) .

In the DAX there are no changes.

The changes will take effect on December 23 of this year.

Handelsblatt

05.12.2024

Bitcoin breaks through $100,000 + JPMorgan upgrades SAP to 'Overweight' + Jefferies raises Hellofresh to 'Buy' with target up to EUR 16.50 + Auto1 and Evotec return to MDax

Bitcoin $BTC (-1,77%)jumped above $100,000 during the night

• The $100,000 mark has been a mark that has been eagerly awaited in the crypto scene for years.
• Tonight, Bitcoin briefly jumped to $104,000.
• Now, of course, everyone is waiting to see what happens next. Will the journey continue or will the correction come now? What do you think?

JPMorgan sees SAP $SAP (+0,2%)as the favorite for 2025

• The US bank JPMorgan has left its rating for SAP at "Overweight" with a target price of 260 euros.
• Analyst Toby Ogg maintains his preference for SAP and Sage in his 2025 outlook for the software and IT industry, which was published on Wednesday.
• Both shares are also on the "Analyst Focus List".
• SAP's sales growth is likely to accelerate until 2028.

Jefferies raises Hellofresh $HFG (-0,65%)to 'Buy' - target raised to 16.50 euros

• The analyst firm Jefferies has more than doubled its price target for Hellofresh shares from 7.50 to 16.50 euros and upgraded the shares from "Hold" to "Buy".
• The cooking box mail order company is ending two difficult years with a new focus on operating profit and cash flow, wrote analyst Giles Thorne in his buy recommendation published on Thursday.
• These plans are underpinned by stabilized box sales and growth in the newer ready-to-eat segment.
• In addition, there are still opportunities for optimization.

Auto1 $AG1 (-0,16%)and Evotec $EVT (-0,09%)return to MDax - No changes in the Dax

• Hamburg-based Evotec was only forced to leave the MDax in September, but since then the shares have risen again in view of a possible sale of the company.
• Auto1 was already a member of the MDax until spring 2022.
• As expected, there are no changes in the leading Dax index of the 40 heaviest stocks.
• Three companies are moving up to the SDax: The software company Nexus is benefiting from a takeover bid worth around 1.1 billion euros from financial investor TA Associates, which caused its shares to rise sharply.
• The scientific publisher Springer Nature made the leap just over two months after its IPO.
• The changes will take effect on December 23, one day before Christmas Eve.

https://www.handelsblatt.com/finanzen/maerkte/marktberichte/maerkte-live-auto1-und-evotec-kehren-in-mdax-zurueck-keine-aenderungen-im-dax-/30026990.html

Thursday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks

Qualcomm USD 0.85

• Quarterly figures / company dates USA / Asia

22:05 Hewlett Packard Enterprise Annual results

• Quarterly figures / company dates Europe

07:00 Aurubis detailed annual results and annual report

10:00 Merck KGaA: Media event "Artificial Intelligence at Merck"

11:00 KWS Saat AGM

14:00 Aurubis Analyst Conference | Safran Capital Markets Day

No time specified: Fuchs SE Capital Markets Day

• Economic data

08:00 DE: New orders October seasonally adjusted FORECAST: -2.0% yoy previous: +4.2% yoy

11:00 EU: Retail Sales October Eurozone FORECAST: -0.3% yoy previous: +0.5% yoy

14:30 US: Initial jobless claims (week) FORECAST: 215,000 Previous: 213,000

14:30 US: Trade Balance October FORECAST: -74.80 bn USD previously: -84.36 bn USD

22.11.2024

Snowflake rises up to 25% + Bitcoin almost at $100,000 + Rotation in MDax + Carl Zeiss Meditec falls to low since 2018 + Berenberg rates CTS Eventim a 'Buy' - target 100 euros

The Snowflake $SNOW (+0,23%) shares rose 25% after the data analytics provider raised its full-year product revenue guidance and announced that it has partnered with AI company Anthropic to expand its cloud services.

The Bitcoin $BTC (-1,77%) reached just under $100,000 overnight and currently stands at $99,000.

What do you think, will Bitcoin reach $100,000 in November, or even today?

The US bank JPMorgan expects only a few changes for the next index review by Deutsche Börse at the beginning of December. While everything should remain the same in the leading Dax index, analyst Pankaj Gupta expects a swap in the mid-cap index below it, the MDax, where, according to him, industrial recycler Befesa will probably make way for drug researcher Evotec $EVT (-0,09%) will have to give way. Befesa $BFSA (+0,1%) would be relegated to the SDax, the index of smaller stocks. In the TecDax, Gupta expects that SMA Solar $S92 (-0,41%) will make way for the internet service provider Ionos $IOS (+1,14%) Deutsche Börse will review the indices of the Dax family (Dax, MDax, SDax and TecDax) on Wednesday, December 4, and announce any changes after the close of trading in the US. The changes will come into effect on Monday, December 23.

The downturn in the share price of Carl Zeiss Meditec $AFX (+0,23%) continued on Thursday with a new six-year low. The trend at the medical technology manufacturer has been pointing downwards since 2021, and this trend has intensified in the current year since March. At that time, the shares were still trading above 123 euros. On Thursday, the drop of over four percent pushed them down to 54.45 euros. This marks the lowest level since April 2018. With brief exceptions in August and late October and early September, the shares have been trading below the 200-day line, which is a popular long-term indicator for chart-oriented investors, for months. Jack Reynolds-Clark from RBC Research did not paint a good picture for the company at the beginning of November, downgrading it to "Sector Perform" due to uncertain demand in the various end markets. He emphasized that the consensus for 2025 depicts a rather optimistic scenario that is difficult to justify.

The private bank Berenberg has raised its rating for CTS Eventim $EVD (+2,33%) to "Buy" with a target price of 100 euros. The event organizer presented mixed quarterly figures, wrote analyst Gerhard Orgonas on Thursday evening. He cut his earnings estimates until 2026, taking into account integration costs and a slightly lower ticketing margin.

• CTS Eventim increased its consolidated revenue by 15.8 percent to EUR 2.027 billion in the first nine months of 2024. Adjusted EBITDA grows by 12.1 percent to EUR 322.7 million in the same period. The company's management is sticking to its forecast and expects a significantly higher Adjusted EBITDA for the full year compared to the previous year.
• CTS Eventim records a 22.9 percent increase in revenue to EUR 564.6 million in the Ticketing segment and a 13.6 percent increase to EUR 1.494 billion in the Live Entertainment segment. The company is also awarded the contract for the construction and operation of a new large arena by Wien Holding.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Schloss Wachenheim EUR 0.60

Cummins Inc. USD 1.82

CRH 0.35 GBP

Quarterly figures / company dates Europe

No time specified: Vinci Investor Day | Unilever Capital Markets Day

Economic data

• 08:00 DE: GDP (2nd release) 3Q calendar and seasonally adjusted yoy FORECAST: +0.2% yoy 1st release: +0.2% yoy 2nd quarter: -0.3% yoy calendar-adjusted yoy FORECAST: -0.2% yoy 1st release: -0.2% yoy 2nd quarter: -0.3% yoy
• 09:15 FR: Purchasing Managers' Index/PMI non-manufacturing (1st release) November FORECAST: 49.0 PREV: 49.2 Total Purchasing Managers' Index (1st release) FORECAST: 48.1 PREV: 48.1
• 09:15 FR: Purchasing Managers' Index/PMI manufacturing (1st release) November FORECAST: 44.0 PREVIOUS: 44.5
• 09:30 DE: Purchasing Managers' Index/PMI non-manufacturing (1st release) November PROGNOSE: 51.8 PREVIOUS: 51.6 Total Purchasing Managers' Index (1st release) PROGNOSE: 48.3 PREVIOUS: 48.6
• 09:30 DE: Purchasing Managers' Index/PMI manufacturing (1st release) November FORECAST: 43.0 PREVIOUS: 43.0
• 10:00 EU: Purchasing Managers' Index/PMI non-manufacturing Eurozone (1st release) November FORECAST: 51.5 previously: 51.6
• 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (1st release) November PROGNOSE: 46.0 PREVIOUS: 46.0 Total Purchasing Managers' Index (1st release) PROGNOSE: 49.8 PREVIOUS: 50.0
• 10:30 UK: Purchasing Managers' Index/PMI non-manufacturing (1st release) November FORECAST: 52.0 PREVIOUS: 52.0
• 10:30 UK: Purchasing Managers' Index/PMI Manufacturing (1st release) November FORECAST: 50.0 PREVIOUS: 49.9
• 15:45 US: Purchasing Managers' Index/PMI Services (1st release) November FORECAST: 55.0 PREVIOUS: 55.0
• 15:45 US: Purchasing Managers' Index/PMI Manufacturing (1st release) November FORECAST: 48.8 PREVIOUS: 48.5
• 16:00 US: Consumer Sentiment Index Uni Michigan (2nd survey) November FORECAST: 73.5 1st survey: 73.0 previous: 70.5

15.11.2024

Amazon competes with Temu and Shein with low prices + Burberry share price jumps after quarterly figures + Another damper - takeover rally at Evotec + UBS raises target for Delivery Hero to 56 euros - 'Buy'

Amazon $AMZN (+0,02%) no longer wants to let Chinese competitors such as Temu or the Singaporean retailer Shein take the butter off its bread in the low-price segment and is therefore launching the new Amazon Haul store, which is intended to attract buyers with particularly low prices. The launch is initially taking place as a beta in the USA.

https://www.computerbase.de/news/wirtschaft/amazon-haul-amazon-macht-temu-und-shein-mit-billigpreisen-konkurrenz.90292/

The shares of Burberry $BRBY (-0,23%) have reacted to the quarterly figures and the British luxury clothing manufacturer's new business strategy with a jump in the share price. In the late morning, the shares were up 15 percent at 841 pence. The loss was smaller than feared, UBS analyst Zuzanna Pusz said in an initial reaction. The new CEO Joshua Schulman wants to refocus on the origins of the Burberry brand before expanding into other areas, commented analyst Aarin Chiekrie from asset manager Hargreaves Lansdown. He is unlikely to want to make the same mistake as his predecessors by targeting Burberry's offering at a narrow base of luxury customers at the expense of a loyal fan base. With Thursday's jump in the share price, the shares continued their recent recovery, having cost less than 600 pence towards the end of September. At the start of 2024, it had been more than 1,400 pence. However, many luxury goods stocks then came under pressure, partly due to weakening demand in the important Chinese market.

Investors are focusing on Evotec $EVT (-0,09%) takeover fantasy, which had already emerged at the beginning of the week. The US company Halozyme Therapeutics is reportedly targeting the Hamburg-based drug researcher. The price offered is EUR 11 per share in cash. Evotec shares soared to 10.80 euros in pre-market trading, gaining around a quarter compared to the Xetra close. However, this is little consolation for investors, as they had started the year at over 21 euros. In initial reactions, analysts emphasized the high intrinsic value, which is now crystallizing somewhat better.

The major Swiss bank UBS has raised the price target for Delivery Hero $DHER (-0,37%) from 47 to 56 euros and left the rating at "Buy". The potential Talabat IPO puts the true value of the group in the spotlight, analyst Jo Barnet-Lamb wrote in his commentary on Friday. Such value creation could also pave the way for distributions to shareholders. Delivery Hero remains a one-year UBS favorite in the European internet sector.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Shell USD 0.69

Starbucks 0.61 USD

Corning 0.28 USD

Whirlpool USD 1.75

Quarterly figures / company dates USA / Asia

05:00 Lenovo quarterly figures

13:30 Alibaba quarterly figures

Quarterly figures / Company dates Europe

07:30 Assicurazioni Generali | Vallourec Quarterly figures

Untimed: AstraZeneca Investor Day

Economic data

02:30 CN: Retail sales October FORECAST: +3.7% yoy previous: +3.2% yoy

03:00 CN: Industrial production October FORECAST: +5.6% yoy previously: +5.4% yoy

08:00 UK: GDP (1st release) 3Q PROGNOSE: +0.2% yoy/+1.0% yoy Q2: +0.5% yoy/+0.7% yoy | GDP month September PROGNOSE: +0.1% yoy | Industrial production September PROGNOSE: 0.0% yoy/-1.2% yoy previous: +0.5% yoy/-1.6% yoy

14:30 US: Retail Sales October PROGNOSE: +0.3% yoy previous: +0.4% yoy Retail Sales ex Motor Vehicles PROGNOSE: +0.3% yoy previous: +0.5% yoy

14:30 US: Empire State Manufacturing Index November FORECAST: 0.0 previous: -11.9

14:30 US: Import and Export Prices October Import Prices PROGNOSE: -0.1% yoy previous: -0.4% yoy

15:15 US: Industrial Production and Capacity Utilization October Industrial Production PROGNOSE: -0.2% yoy previous: -0.3% yoy Capacity utilization PROGNOSE: 77.3% previous: 77.5%

16:00 US: Inventories September PROGNOSE: +0.2% yoy previous: +0.3% yoy

Evotec $EVT (-0,09%) saw its share price rise sharply today after reports emerged of a possible takeover by a US pharmaceutical group. $HALO (-0,75%) have emerged. This news has caused the share price of the Hamburg-based biotechnology company, which specializes in drug discovery and development, to rise sharply. Analysts and investors are speculating about the strategic advantages such a deal could bring for both sides, particularly in a growing market for innovative drug research.

Personal opinion:

Should the takeover actually take place it would be a win-win situation for investors in both companies, as Evotec certainly has exciting projects underway.

Source:

https://www.t-online.de/finanzen/boerse/ticker/aktie-im-fokus-evotec-springen-hoch-moegliche-uebernahme/0DB2DE00629B99CE/

The news is based on what I personally consider to be reputable sources. However, I do not guarantee their accuracy. No advice.

"Ad hoc: Comment on media report

Hamburg - Evotec SE (Frankfurt Stock Exchange: EVT, SDAX/TecDAX, Prime Standard, ISIN: DE 000 566480 9, WKN 566480; NASDAQ: EVO)

The $EVT (-0,09%) SE ("Company") notes with regard to a media report that, without prior contact, it received from the listed US biotechnology company$HALO (-0,75%) Therapeutics Inc. regarding a takeover offer addressed to the shareholders of the Company with an offer price of EUR 11.00 per share. The company will carefully analyze this expression of interest, decide on further steps and inform the capital market in accordance with legal requirements.

End of the ad hoc announcement -"

$EVT (-0,09%) | EVOTEC ON TRADEGATE +8% - CIRCLES: HALOZYME INTERESTED IN TAKEOVER

⬆️⬆️⬆️

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- METZLER raises the price target for MUNICH RE from EUR 535 to EUR 543. Buy. $MUV2 (-0,06%)

- GOLDMAN lowers the target price for NOVO NORDISK from DKK 1040 to DKK 1025. Buy. $NOVO B (+1,84%)

- GOLDMAN upgrades MTU from Neutral to Buy and raises target price from EUR 276 to EUR 400. $MTX (-0,05%)

- GOLDMAN upgrades BASF from Neutral to Buy and raises target price from EUR 45 to EUR 53. $BAS (-0,02%)

- DEUTSCHE BANK RESEARCH raises the price target for FRESENIUS SE from EUR 42 to EUR 44. Buy. $FRE (-0,01%)

- DEUTSCHE BANK RESEARCH raises the price target for EMBRACER from SEK 24 to SEK 28. Hold. $TH9A

- DEUTSCHE BANK RESEARCH raises the price target for AMADEUS IT from EUR 62 to EUR 65. Hold. $AMS (+0,07%)

- DEUTSCHE BANK RESEARCH raises the price target for NEMETSCHEK from EUR 85 to EUR 100. Hold. $NEM (+0,11%)

- WARBURG RESEARCH raises the price target for DÜRR from EUR 32 to EUR 33. Buy. $DURYY

- HAUCK AUFHÄUSER IB upgrades CANCOM from Hold to Buy. Target price EUR 32. $COK (-0,04%)

- ODDO BHF upgrades GENERALI to Neutral. Target price EUR 26.10. $G (+0,05%)

- METZLER raises the price target for HEIDELBERG MATERIALS from EUR 131 to EUR 138. Buy. $HEI (-0,1%)

- BERENBERG raises the price target for FLATEXDEGIRO from EUR 16 to EUR 18. Buy. $FTK (-0,08%)

- BERENBERG raises the price target for FREENET from EUR 29 to EUR 32. Buy. $FNTN (-0,32%)

- JPMORGAN raises the target price for HEIDELBERG MATERIALS from EUR 108 to EUR 149. Overweight. $HEI (-0,1%)

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- UBS lowers the price target for MUNICH RE from EUR 560 to EUR 540. Buy. $MUV2 (-0,06%)

- ODDO BHF downgrades MODERNA to Outperform. Target price USD 86. $MRNA (+0,75%)

- UBS downgrades VALE from Buy to Neutral and lowers target price from USD 14 to USD 11.50. $VALE (+0,48%)

- DZ BANK lowers target price for DEUTZ from EUR 6.80 to EUR 5.80. Buy. $DEZ (+0,52%)

- DZ BANK lowers the price target for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (-0,13%)

- BERENBERG lowers the target price for ESTEE LAUDER from USD 87 to USD 76. Hold. $EL (+0,42%)

- RBC lowers the target price for ASOS from GBP 4.60 to GBP 4. Sector Perform. $ASC (+0,19%)

- RBC lowers the price target for EVOTEC from EUR 12 to EUR 11.60. Outperform. $EVT (-0,09%)

- RBC lowers the price target for VESTAS from DKK 222 to DKK 156. Outperform. $VWS (-0,55%)

- BERENBERG lowers the price target for SUSS MICROTEC from EUR 80 to EUR 75. Buy. $SMHN (-0,81%)

- JEFFERIES downgrades NEL from Hold to Underperform and lowers target price from NOK 5.50 to NOK 3. $NEL (+0,15%)

- RBC lowers the price target for BMW from EUR 81 to EUR 80. Sector Perform. $BMW (+0%)

- JEFFERIES lowers the price target for KNAUS TABBERT from EUR 26 to EUR 20. Hold. $KTA (+0,37%)

Evotec Q32024 $EVT (-0,09%)

Financial performance:

• Revenues: Group revenues decreased by 1 % to EUR 575.7 m in the first nine months of 2024 compared to EUR 580.1 m in the previous year. This was mainly due to a 12% decline in the Shared R&D segment, while Just-Evotec Biologics revenues increased by an impressive 74% to EUR 128.7 million.
• Net profit: Net loss increased to EUR 155.2 million, compared to EUR 67.8 million in the previous year, due to increased cost of sales and restructuring costs.
• Adjusted EBITDA: The Group's adjusted EBITDA fell to -6.0 million euros, compared to 50.2 million euros in the previous year. The main reasons for this were a discrepancy between sales and the cost base in the Shared R&D segment as well as costs for the expansion of Just-Evotec Biologics.

Balance sheet overview:

• Total assets: Total assets decreased by EUR 261.7 million to EUR 1,990.8 million as of September 30, 2024.
• Total liabilities: Current liabilities decreased to 333.6 million euros, compared to 464.6 million euros in the previous year. Non-current liabilities decreased slightly to 688.7 million euros, compared to 667.9 million euros.
• Equity: Equity decreased by 151.4 million euros to 968.5 million euros.

Profit and loss account:

• Gross profit: Gross profit fell to 68.8 million euros, with a gross margin of 11.9%, compared to 23.7% in the previous year.
• Operating expenses: Operating expenses increased to 218.1 million euros, compared to 173.3 million euros in the previous year.

Cash flow overview:

• Operating activities: Net cash flow from operating activities was negative at -56.0 million euros, compared to a positive cash flow of 16.5 million euros in the previous year.
• Investment activities: Net cash flow used in investing activities amounted to EUR -88.1 million, mainly due to investments in Just-Evotec Biologics.
• Financing activities: Net cash flow amounted to EUR -132.1 million due to repayments of loans and lease obligations.

Key figures and profitability metrics:

• Equity ratio: Down slightly to 48.6%, compared to 49.7% in the previous year.

Segment information:

• Shared R&D: Revenue decreased by 12 % to EUR 447.1 million, with a gross margin of 14.3 %.
• Just-Evotec Biologics: Revenues increased by 74 % to EUR 128.7 million, with an improved gross margin of 3.8 %.

Competitive position:

• Strategic partnerships: Successful expansions and new collaborations with Sandoz, BMS and a new partnership with Novo Nordisk in cell therapy.

Forecasts and management commentary:

• Outlook: Guidance confirmed despite challenging market conditions.

Risks and opportunities:

• Restructuring costs: These amounted to EUR 62.3 million, due to planned staff reductions and site closures.
• Market conditions: Persistently weak market and overcapacity adversely affect results.

Summary of results:

Positive aspects:

• Strong sales growth of 74 % at Just-Evotec Biologics.
• Successful strategic partnerships with Sandoz, BMS and Novo Nordisk.
• Expansion of operations with the opening of the J.POD facility in Toulouse, France.
• Cost reduction in R&D expenditure by 15 %.
• Improved gross margin of Just-Evotec Biologics to 3.8 %.

Negative aspects:

• Decrease in Group revenues by 1 %.
• Sharp increase in net loss to 155.2 million euros.
• Decrease in gross margin to 11.9%.
• 8% increase in operating expenses, in particular SG&A costs.
• Challenges in cash flow from operating and investing activities.