DnB Markets - Novo Nordisk A/S ADS (NOVA) Focus on 2018 US prices

Report

DnB Markets

Rune Majlund Dahl

Focus on 2018 US prices

Novo Nordisk (NOVOB DC, Hold) - (21 pages)

21/07/2017 21 EN

Underlying

Novo Nordisk A/S ADS

See profile

US6701002056 Denmark

Provider

DnB Markets

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.

See profile

Analysts

Rune Majlund Dahl

Other Reports on these Companies

Moody's Investors Service

Novo Nordisk A/S - December 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

EUR 700.58

February 27, 2024 February 27, 2024 1 EN

Moody's Investors Service

Novo Nordisk A/S: Update following rating affirmation

Our credit view of this issuer reflects its good track record in successfully developing and commercialising new treatments within diabetes care, offset by A degree of M&A risk.

EUR 233.53

February 13, 2024 February 13, 2024 1 EN

Moody's Investors Service

Novo Nordisk A/S - September 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

EUR 700.58

December 6, 2023 December 6, 2023 1 EN

Boliden (Buy, TP: SEK420.00) - In a sweet spot

Despite low mining volumes, the Q1 results were close to our expectations, thanks to good cost control. We have made significant estimate increases on better metal price and FX assumptions, and beyond 2024 we continue to see additional earnings support from: 1) higher mining volumes due to richer metal grades; 2) normal operations at Rönnskär; and 3) growing profits from the Odda smelter. Our spot-based estimates for 2027 translate to an EV/EBIT of 5.2x, but we see significant upside potential to our forecasts on our view of a promising outlook for copper and gold. We have raised our target pr...

Free Trial

13h / 46m 13h / 46m 1 EN

Douglas Lindahl

Douglas Lindahl

Beijer Ref (Hold, TP: SEK156.00) - Building (cash flow) confidence

We have increased our cash flow estimates but have made moderate underlying forecast changes after the Q1 report. Inclusion of recent M&A and updated FX has led us to raise our adj. EBITA by c3% on average for 2024–2026e. We have raised our target price to SEK156 (152) due to our model changes and updated peer multiples. We reiterate our HOLD and see limited upside potential given the valuation seems on the high side.

Free Trial

16h / 24m 16h / 24m 1 EN

Mattias Holmberg

Mattias Holmberg

Epiroc (Buy, TP: SEK230.00) - Mix headwind, benefits to come

Similar to Sandvik’s Mining business, the main miss in Epiroc’s Q1 was the soft margin, albeit for different reasons. Sandvik pointed to the unfavourable timing of equipment deliveries, while Epiroc alluded to a pure mix issue (high share of equipment, low share of service). Only small benefits from Epiroc’s cost measures have started to show – we expect more to be gradually realised through 2024. We have trimmed our 2024–2026e adj. EBIT by 1% on average. We reiterate our BUY, but have lowered our target price to SEK230 (235).

Free Trial

17h / 12m 17h / 12m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Focus on 2018 US prices

Novo Nordisk A/S - December 2023 (LTM): Peer Snapshot

Novo Nordisk A/S: Update following rating affirmation

Novo Nordisk A/S - September 2023 (LTM): Peer Snapshot

Boliden (Buy, TP: SEK420.00) - In a sweet spot

Beijer Ref (Hold, TP: SEK156.00) - Building (cash flow) confidence

Epiroc (Buy, TP: SEK230.00) - Mix headwind, benefits to come

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe