Novonesis (Buy, TP: DKK500.00) - Strong momentum raises guidance
The company reported continued strong momentum, taking organic revenue growth to c10% YOY in Q2 and the H1 adj. EBITDA margin to 35.3%, while net profit was hurt by inventory value adjustments and special items. The 2024 guidance was increased to organic growth of 7–8% and a 35.5–36.5% adj. EBITDA margin. We still expect Novonesis to reach its target of 100% run-rate EUR80m–90m cost synergies by end-2024e. 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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