Report
Adam Kindreich, CFA
EUR 147.86 For Business Accounts Only

Christian Hansen Disappoints With 3Q Earnings, but Shares Still Overvalued

Narrow-moat Christian Hansen delivered disappointing third-quarter results to end May, entirely concentrated in the animal health division, with all other businesses performing strongly, but in line with forecasts. Overall, sales and EBIT before special items were 2.3% and 4.9% below consensus expectations. These results follow several quarters of impressive top-line growth and significant margin expansion. We retain our narrow moat and stable moat trend ratings and our DKK 383 fair value estima...
Underlying
Chr. Hansen Holding A/S

Chr. Hansen is a biosciences group based in Denmark. Co. develops and supplies natural ingredient solutions for the food, pharmaceutical, nutritional, and agricultural industries worldwide. Co. operates in three divisions: Cultures and Enzymes (develops, produces, and sells cultures, enzymes, and probiotics for the food and dairy industries); Health and Nutrition (develops products for the dietary supplement, over-the-counter pharmaceutical, infant formula, and animal feed industries); and Natural Colors (develops natural color solutions to the food industry, primarily for the beverage, dairy, confectionery, fruit preparation and ice cream, as well as functional blends for processed meats).

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Adam Kindreich, CFA

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