Novozymes (Sell, TP: DKK280.00) - We expect weak start to the year
The Q1 results are due at 08:00 CET on 25 April. We forecast low organic growth of 3.4% for Q1, hampered by continued pressure on some large customers in Household Care, while Agriculture & Feed is also set to be backend-loaded. Our Q1 EBIT margin of 27.7% (down 1.3%-points to adj. EBIT margin YOY) reflects our forecasts for negative FX effects, increased investments and lower deferred income. We reiterate our DKK280 target price and SELL recommendation.
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