Chr. Hansen (Buy, TP: DKK536.00) - Order timing boosting volumes
Q4 organic revenue growth was strong at 16% YOY, with c9%-points driven by volumes and c7%-points by pricing, supported by order timing. The 2023 calendar year organic revenue growth guidance was raised to 10–12%, indicating c7% organic growth for the remaining four months of the year. The announcement earlier this week about NewCo’s organisational structure strengthened our confidence in the merger with Novozymes closing by end-2023. We reiterate our BUY and DKK536 target price.Chr. Hansen is a biosciences group based in Denmark. Co. develops and supplies natural ingredient solutions for the food, pharmaceutical, nutritional, and agricultural industries worldwide. Co. operates in three divisions: Cultures and Enzymes (develops, produces, and sells cultures, enzymes, and probiotics for the food and dairy industries); Health and Nutrition (develops products for the dietary supplement, over-the-counter pharmaceutical, infant formula, and animal feed industries); and Natural Colors (develops natural color solutions to the food industry, primarily for the beverage, dairy, confectionery, fruit preparation and ice cream, as well as functional blends for processed meats).
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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