Benchmark Holdings’ sale of its Genetics business to Novo Holdings announced in November 2024 is guided to close in calendar Q1 2025. The initial consideration of GBP230m (plus GBP30m in potential earnout) is set to be used to pay down debt and excess capital returned to shareholders. We have adjusted our estimates after the Q1 results, as Benchmark Holdings will retain more short-term corporate costs than previously expected. We reiterate our BUY but have cut our target price to NOK6.3 (7.2).
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