ALK-Abello (Buy, TP: DKK1000.00) - Good start to new strategy
Q1 revenue was c2% above consensus, mainly driven by SCIT/SLIT-drops. SLIT-tablets missed expectations due to US stockpiling, while growth otherwise was stronger than expected in Europe. ACARIZAX enjoyed strong uptake in France, and we see encouraging signs of investments in US tablets starting to materialise. In general, a quarter offering evidence of the new strategy, along with the higher EBITDA guidance, suggests to us that 2018 indeed is the bottom. We have lifted our target price to DKK1,000 (950) and retain our BUY.
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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