Disappointing 4Q results for Novozymes in household care and agriculture & feed; shares overvalued.
Wide-moat Novozymes reported disappointing results in the fourth quarter with negative organic growth in household care and agriculture and feed. For the full year, organic growth was 4% over 2016, below our 4.6% estimate, while the adjusted EBIT margin of 29% was in line with our expectations. 2018 guidance for organic growth of 4%-6% is in line with our 5.4% forecast, but the EBIT margin of 28% is slightly below our expectation for 29%. Overall, nothing in the quarter has significantly altered...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.
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.
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