ChemoMetec (Buy, TP: DKK675.00) - Growth that counts
ChemoMetec again reported solid results, well above expectations, despite its raised guidance in January, which looks increasingly conservative. It was notably a broad-based beat, with all product segments exceeding expectations. We are especially encouraged by the continued solid rebound in Instrument sales, helped by recent product launches. Margins were also strong (especially versus consensus), suggesting robust operating leverage. We reiterate our BUY and have increased our target price to DKK675 (615).Chemometec A/S is a Denmark-based company engaged in the development, manufacture and sale of analytical instruments used for quantitative analysis of cells in liquids. The Company's activities are divided into three business areas: Instruments, which offers a range of NucleoCounter analytical instruments for counting mammalian, animal, yeast and sperm cells, as well as somatic cells in milk, among others; Consumables, which distributes disposable cassettes, solutions, reagents and slides; and Other, which is responsible for the partnership development in a number of research projects, among others. The Company's analytical products are based on a technology, which combines fluorescence microscopy with digital imagery. Its customer portfolio comprises entities active primarily within pharmaceutical, food processing and agriculture industries. Furthermore, the Company is a parent of ChemoMetec USA Inc.
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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