Novozymes (Sell, TP: DKK280.00) - Tough organic growth comparables
The key divisions face tough Q3 organic growth comparables YOY (results due at 08:00 CET on 24 October). We see Household Care returning to growth (driven by sell-in of Hygiene platform to P&G), still-strong performance in Bioenergy, but slowing BioAg & Feed (due to a challenging feed market). We highlight easy comparables in terms of net profit due to a cDKK60m write-down in Q3 2017. We maintain our SELL recommendation and DKK280 target price.Novozymes is a biotechnology company based in Denmark. Co.'s business operations are centered on the development of industrial enzymes, microorganisms, and biopharmaceutical ingredients. Co. provides business-to-business biological solutions used in the production of numerous products such as biofuel, detergents, feed, and crops. Co.'s business operations are organized along two segments: the Enzyme Business which is divided into four areas, providing industrial enzymes for household care, food & beverages, bioenergy, and feed & other technical; and the BioBusiness which is home to Co.'s microorganisms and biopharmaceutical ingredients.
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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