Gubra (Buy, TP: DKK750.00) - Tough CRO comparable in Q1
We forecast Q1 contract research organisation (CRO) organic revenue growth of 7.0% YOY on a tough comparable, and a 28.8% adj. EBIT margin. We note CRO order inflow is intentionally capped to prioritise discovery & partnership (D&P) resourcing. For D&P, we forecast DKK9.5m in revenue and DKK-41.1m in adj. EBIT, reflecting pipeline investments. We expect unchanged 2025 guidance. We reiterate our BUY and DKK750 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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