Gentian Diagnostics (Buy, TP: NOK57.00) - Record sales in Q1
Record-high sales of NOK38.5m in Q1 corresponded to 19% organic sales growth YOY. The company reported positive EBITDA again, and progress in its NT-proBNP optimisation efforts. We have raised our 2024–2026e revenues by an average of 6.8%, made minor cost estimate revisions as well as project a more favourable FCF because of revised working capital forecasts. In turn we have increased our target price to NOK57 (54) and reiterate our BUY.Gentian Diagnostics AS is a Norway-based company within health care sector. It develops and manufactures in vitro diagnostic products for the detection and quantification of specific markers for use on a wide range of clinical chemistry analysers. The Company's product portfolio comprises turbidimetric fecal calprotectin immunoassay, which is to be run on most major clinical chemistry analysers; canine CRP, which is an acute phase protein synthesized in the liver that is used for diagnosis and treatment of inflammatory diseases in dogs; NGAL Immunoassay, which is a particle-enhanced turbidimetric immunoassay (PETIA) for in vitro diagnostic testing of neutrophil gelatinase-associated lipocalin (NGAL) in human urine and plasma samples; and cystatin C immunoassay, which is a PETIA for use on a range of clinical chemistry analyzers. The Company operates domestically, as well as in China and the Unites States.
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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