Evotec: The Market Seems Split On The Company's Prospects, Buy

Evotec faces deteriorating fundamentals, with 1H26 revenue down nearly 20% and adjusted EBITDA turning sharply negative. I have withdrawn confidence in management’s targets; valuation is now strictly on an as-is basis, with no credit given for future guidance. Despite a strong liquidity position and some commercial momentum, profitability remains elusive, and turnaround timelines have been pushed out. EVO is a speculative Buy at €18/share ($9 Nasdaq), but upside realization is likely to be slow and risk remains elevated.

Evotec may go down as an unsuccessful investment in the books for me. The company has not performed well for more or less the entire period where I've owned my (relatively small) stake. When you invest in individual