Novonesis (Buy, TP: DKK500.00) - Solid underlying momentum
We expect 2024 to reach the top of the guidance, with Q4e organic sales growth of 7.3% YOY and an H2e adj. EBITDA margin of 37.2%. We expect guidance for 2025 of 6–8% organic sales growth (we forecast 7.2%) and an adj. EBITDA margin of 37–38% (we estimate 37.7%), driven by volume/pricing and the realisation of cost synergies. 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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