ALK-Abello (Hold, TP: DKK1250.00) - Accelerating growth
14% organic growth YOY in Q1 beat our estimate of 9%, driven by still-strong SLIT tablet sales outside North America (comments on North America suggest signs of improvement, albeit not yet evident in the results). The bottom line also outperformed on better than expected sales again, and good cost control. The group is tracking towards the high end of its 2019 guidance, which we believe could be narrowed. We have raised our target price to DKK1,250 (1,125), but reiterate our HOLD.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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