Novonesis (Buy, TP: DKK440.00) - Bridge-building to higher targets
We look past a well-flagged weak Q1e trading update to the upcoming CMD, where we expect focus on synergies and a potential increase in the long-term EBITDA margin target. We have taken a deep dive into the organic revenue bridge from the legacy divisional forecasts to the new, and the increased focus on Energy, as it is key for Planetary Health Biosolutions’ performance. We have upgraded to BUY (HOLD), but reiterate our DKK440 target price.
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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