Evaluating Evotec's Valuation After Recent Share Price Surge: Undervalued or Optimistic?

Evotec (XTRA:EVT) shares have surged 19% in the past month, following a rocky first half of the year. Despite this, the 1-year total shareholder return remains negative, and the three- and five-year returns are underwater. Analysts see significant upside from current levels, but the question remains whether Evotec is undervalued or if all future growth is already reflected in the price. The most popular narrative places fair value at €9.47, a premium to the last close of €7.07, while the SWS DCF model estimates a fair value of €35.72, far above the current share price and consensus narrative.