Fourth-Quarter 2016 In Line, Outlook Very Positive; Fair Value Estimate Revised Up by 13%
Narrow-moat Christian Hansen reported in-line fourth-quarter results ended August. For the full year, organic growth was a strong 12%, and the underlying operating margin expanded by 1.1% to reach 28.2%. While guidance for the year to August 2017 was downbeat, projecting only slight further margin expansion, management was positive concerning the long-term outlook. We are revising our long-term EBIT forecasts up by around 1% and raising our fair value estimate to DKK 432, a significant 13% incre...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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