Weak Household Care and BioAg
Increased uncertainty in Household Care (due to more challenging negotiations with key customers) meant the division delivered just c1% YOY organic growth in Q2. We believe consensus will come down on BioAg & Feed. The organic growth guidance was unchanged, while reported revenue and EBIT growth guidance for 2017 was downgraded due to FX. We maintain our SELL recommendation and DKK250 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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