Solid 1Q Results for Novozymes; Maintaining FVE
After reviewing Novozymes’ first-quarter results, we are maintaining our wide moat rating and DKK 255 fair value estimate. The company posted solid results in the quarter, with organic sales growth of 3% and EBIT growth of 6% compared with the prior-year period. Margins are tracking our full-year estimates while guidance for 2%-5% organic sales growth in 2017 was maintained. At current levels, the shares look moderately overvalued.First-quarter organic sales growth was robust in food and bever...
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.
We have operations in 27 countries.
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