Novozymes (Hold, TP: DKK372.00) - Better organic growth in Q1
Better organic growth in Q1 Q1 was above our expectations and consensus, with c5% organic revenue growth YOY and an EBIT margin before special items of 26.0%. Bioenergy was the key growth driver for Q1, while Food, beverages & Human health was weak. The 2023 guidance was maintained for 4–7% organic revenue growth and a 25–26% EBIT margin before special items. We expect limited 2023 consensus EPS revisions and a 1–2% positive share price reaction today.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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