Organic Sales Growth Rebounds in 3Q for Novozymes; Guidance Upgraded
After reviewing wide-moat Novozymes’ third-quarter results, we are increasing our fair value estimate to DKK 270 from DKK 255 due to higher near-term growth expectations in the bioenergy and food and beverage segments. Third-quarter organic sales growth was 8% year over year, led by double-digit gains in bioenergy and food and beverage. Given strong performance year to date, Novozymes has upgraded 2017 guidance. The company now expects organic sales growth of 3%-5%, compared with 2%-4% previousl...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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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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