Novonesis (Buy, TP: DKK500.00) - Set for a strong start to the year
We forecast strong momentum in Q1, with 10.0% organic sales growth YOY and a 38.1% adj. EBITDA margin, above the full-year guidance. We expect broad-based growth in the quarter and unchanged 2025 guidance for 5–8% organic sales growth and a 37–38% adj. EBITDA margin. 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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