Novonesis (Buy, TP: DKK500.00) - Solid momentum set to continue
The 2024 guidance was met, with H2 organic sales growth of c9% YOY and a 36.8% adj. EBITDA margin. We find the 2025 guidance solid at 5–8% organic sales growth YOY (6–9% excluding Russia/Belarus exits) and a 37–38% adj. EBITDA margin. We expect 2025 to be front-end loaded and the proposed acquisition of Feed Enzyme to close during the year (included in our model). 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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