ALK-Abello (Buy, TP: DKK165.00) - New 2030 financial targets likely
ALK is due to host a CMD on 4 June, which we expect to be a positive event, where management is likely to set new 2030 financial targets. We believe it will reiterate its long-term ambition of >10% organic revenue growth and that investors will look for potentially accelerating growth given ALK’s growth opportunities. We also believe it will guide for EBIT margin expansion to slow post-2025 to invest in the pipeline and support paediatric launches. We reiterate our BUY and DKK165 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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