ALK-Abello (Buy, TP: DKK3500.00) - Improved risk/reward after pullback
Despite tough comparables and Omicron’s emergence, we expect a decent end to 2021. We forecast revenue growth of c8% and a c12% EBITDA margin. In line with previous years, we expect ALK-Abello to provide a conservative outlook for 2022 and to then increase it during the year. We have lowered our target price to DKK3,500 (3,675), but have upgraded to BUY (HOLD) on the better risk/reward following the recent pullback.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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