Evolva's H119 results continue to validate its strategy to reduce operating costs and increase its focus on customers. Innovation continues to lead to the expansion of both existing markets and ingredient systems, with a new product launch now expected in FY20. This is not built into our forecasts as the product remains unknown. The contribution from EverSweet is expected to increase towards the end of FY19 when a new facility will come on stream, and all questions raised by the US Environmental Protection Agency (EPA) regarding nootkatone approval in pest control should be answered by mid-September. Our product forecasts remain broadly unchanged, but our fair value reduces slightly to CHF0.51/share (from CHF0.53/share) mainly due to FX movements, still providing substantial upside to the current share price.Den vollständigen Artikel lesen ...