Novonesis (Buy, TP: DKK470.00) - CMD and Q2 guidance increase
We view the soft Q1 trading update (c4% organic revenue growth) positively, as the weak points are Q1-related while in our view the stronger trends seem more sustainable. The 2024 guidance for organic growth of 5–7% YOY and a c35% adj. EBITDA margin was unchanged, which we believe now looks conservative. At the CMD, we expect focus on synergies and a potential increase in the long-term EBITDA margin target as likely share price catalysts. We reiterate our BUY and have raised our target price to DKK470 (440).
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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