Novonesis (Buy, TP: DKK500.00) - Expecting strong momentum
Driven by strong momentum across most business areas, we forecast Q2 organic sales growth of 9.2% YOY (in line with consensus), and an adj. EBITDA margin of 35.6% (consensus 35.1%) for H1. We expect the 2024 guidance to be maintained including organic sales growth at the upper end of 5–7% (we forecast 7.2%, consensus 7.0%) and an adj. EBITDA margin of 35–36% (we forecast 35.8%, consensus 35.6%). We reiterate our BUY and DKK500 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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