Novonesis (Buy, TP: DKK500.00) - Top end of guidance looks reachable
Top end of guidance looks reachableStill-strong momentum in Q3 took organic growth to c11% YOY (above our estimate and consensus). As a result, management now expects 2024 organic growth in the top half of 7–8%, while it is still targeting a 35.5–36.5% adj. EBITDA margin. The guidance implies Q4 organic growth of c3% at the mid-point and c5% at the top end, supporting our view that YTD growth is unlikely to be repeated in 2025. 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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