ALK-Abello (Buy, TP: DKK1200.00) - Focus could be on strategy update
Q3 is usually defined by being between the low and high seasons. After the top line declined in H1 due to tough comparables, Q3e should see a return to growth (results due at 08:00 CET on 10 November). We believe focus will be on the new strategy (if included). We expect no changes to the FY guidance given the importance of Q4. We reiterate our BUY recommendation and DKK1,200 target price.Alk-Abello is engaged in the development and marketing of pharmaceutical products for the treatment, prevention and diagnosis of allergies. Co.'s product portfolio comprises allergy vaccines, emergency treatments and allergy diagnostics products. Co.'s allergy vaccines product offering comprises tablet vaccines, sublingual vaccines and subcutaneous vaccines. Co.'s emergency treatments product offering comprises products for the management of anaphylaxis. Co.'s allergy diagnostics product offering comprises allergen extracts for allergy testing, such as skin-prick tests.
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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