Christian Hansen Reports Strong Start to Year
Christian Hansen, the enzymes and cultures supplier to the dairy industry, reported a strong start to the year. Organic sales growth of 11% and the 190-basis-point EBIT margin expansion before special items for the quarter to end November are both well ahead of our full-year estimates, but management remains cautious and has not upgraded guidance. At this early stage, we are not changing our model assumptions, and we maintain our DKK 432 fair value estimate and narrow economic moat rating.Organ...
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).
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