Another Weak Quarter for Novozymes on BioAg Challenges; Shares Overvalued
Wide-moat Novozymes reported disappointing results in the first quarter with negative organic growth in the agriculture and feed business. Companywide organic growth in the quarter was 2% over 2017, below full-year guidance of 4%-6% and our 4.7% estimate for 2018. The BioAg business is the primary concern, in our view, as it continues to face headwinds from poor farmer economics. We still expect improvement from the launch of the upgraded B-360 ST corn inoculant in the second half of 2018, but w...Novozymes is a biotechnology company based in Denmark. Co.'s business operations are centered on the development of industrial enzymes, microorganisms, and biopharmaceutical ingredients. Co. provides business-to-business biological solutions used in the production of numerous products such as biofuel, detergents, feed, and crops. Co.'s business operations are organized along two segments: the Enzyme Business which is divided into four areas, providing industrial enzymes for household care, food & beverages, bioenergy, and feed & other technical; and the BioBusiness which is home to Co.'s microorganisms and biopharmaceutical ingredients.
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