ChemoMetec - Initiation of coverage - Counting the reasons to BUY
ChemoMetec’s novel technology and exposure to the cell and gene therapy (CGT) market fuelled c36% sales and c70% EBITDA growth over 2016/17–2021/22, while generating best-in-class margins and ROIC. While macro headwinds have hit biotech funding and ChemoMetec, we see this as short-lived and the company returning to strong growth. We also believe the market is underappreciating its plans to enter bioprocessing. We initiate coverage with a BUY and DKK525 target price.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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