Novozymes' 4Q Results Roughly Fall in Line With Expectations; 2017 Outlook Tempered
Novozymes ended the year roughly in line with our expectations. Following the release of the company’s 2017 guidance, we do not plan on changing our DKK 265 fair value estimate. Our slightly more pessimistic outlook for near-term top-line growth is offset by the time value of money. We continue to believe that Novozymes’ proprietary enzyme know-how and extensive patent portfolio give the firm a wide-moat economic advantage over its peers.In the fourth quarter, Novozymes’ overall sales grew 8% ...
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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