Novonesis (Buy, TP: DKK500.00) - Strong execution on cost synergies
Ahead of the CMD, Novonesis raised its 2024 guidance to organic revenue growth at the ‘upper end of 5–7%’ and an adj. EBITDA margin of 35–36% (c35%), supported by scale and cost synergies. Its 2025 financial targets were unchanged (in line with our expectations), but we now assume cost synergies to reach EUR110m by end-2026e, boosting our adj. EBITDA margin to 39.5% (previously 39.0%) by 2030e. We reiterate our BUY and have raised our target price to DKK500 (480).
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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