Relaunching Coverage of Novozymes With Wide Moat Rating and DKK 255 FVE
We are transferring coverage of Novozymes to a new analyst with a wide moat rating and a fair value estimate of DKK 255. Our fair value estimate is 4% lower than the previous assessment of DKK 265, owing to a slightly more conservative outlook for the bioenergy business and lower expectations for margin expansion from operating leverage. Our fair value estimate implies a price/earnings ratio of 25 times and an enterprise value/EBITDA ratio of 15 times, based on 2017 estimates. At current levels,...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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