ALK-Abello (Buy, TP: DKK110.00) - Walking the wALK
After a closer look at some indicators and growth drivers, we are more confident in ALK’s European tablet sales growth rebounding in H2 and expect a return to >10% organic group top-line growth from next year. We also believe the risk of the new management cutting the ‘25% EBIT margin by 2025’ target is understood by the market and see the valuation as a good entry point, with several potential catalysts. We have upgraded to BUY (HOLD) and raised our target price to DKK110 (85).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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