ALK-Abello (Buy, TP: DKK950.00) - The stage is set for execution
The Q4 top line was below expectations, but a miss we regard as low quality as it was driven by the legacy portfolio, while tablet sales outperformed. We find the 2018 guidance broadly in line with the preliminary guidance from December, which reflects the toughest year in the three-year transformation period ahead. It is also a year where reaching the 5,000 patient target for ODACTRA should increase investor confidence in the longer-term targets. We keep our BUY recommendation, but have lowered our target price to DKK950 (970).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.