reports
Trading by management and close relations of management
Trading by management and close relations of management In accordance with article 19 in Regulation (EU) No 596/2014 of 16 April 2014 on market abuse (the Market Abuse Regulation) and commission delegated regulation (EU) 1052/2016 of 8 March 2016, Novozymes A/S, part of Novonesis Group reports the transactions under ISIN DK0060336014, Novonesis (Novozymes) B shares under the symbol NSIS B in the attached file. Investor Relations Tobias Bjorklund Anders Enevoldsen Disa Tuominen Attachment
- Patrik Ling
PhotoCure (Buy, TP: NOK87.00) - Solid start to the year
A 3% outperformance on Q1 sales versus our estimate and consensus together with lower operating expenses helped EBITDA beat our forecast by 193% (but cNOK5m in absolute terms). Management reiterated its guidance for 6–9% organic product sales growth in 2024 and positive EBITDA (excluding business development costs). We reiterate our BUY and NOK87 target price.
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- Patrik Ling
PhotoCure (Buy, TP: NOK87.00) - Focusing on underlying business
We have made limited estimate changes ahead of the Q1 results (due at 08:00 CET on 15 May), and believe Photocure is moving forward in areas within its control. YOY comparables are affected by Q1 2023 being the last quarter with flex sales in the US. Its partner, Asieris, has filed for marketing approval of Cevira in China; if accepted for review, we believe Photocure would be in line for another milestone payment in Q2. We reiterate our BUY and NOK87 target price.
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
- Håkon Astrup
Sampo Oyj (Buy, TP: EUR47.00) - Set for capital release in H2
Despite the harsh winter weather, strong financials helped offset the soft underwriting result. Through continued repricing ahead of claims inflation, If P&C saw the underlying risk ratio improve 0.3%-points and local currency premium growth of 7.6% YOY. With the new solvency model approved, we continue to expect capital distributions in connection with the Q2 report. Based on ~2% positive EPS revisions for 2025–2026e, we reiterate our BUY and EUR47 target price.
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Jerôme Bodin
LR LEGRAND SA
FRA FRAPORT AG
LI KLEPIERRE SA
ALV ALLIANZ SE
ORSTED ORSTED
RAA RATIONAL AG
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Douglas Lindahl
Vestas Wind Systems (Buy, TP: DKK242.00) - Limited changes post result...
With the Q1 results below our estimates and consensus, we have reduced our 2024 adj. EBIT by c5%, but raised 2025–2026e by c1% on average. Overall, Q1 had a minor impact on our view of the investment case, and we reiterate our BUY and DKK242 target price. Vestas remains our top-sector pick on the structurally growing wind-energy space.
Q1 update: Novonesis delivers 4% organic sales growth in line with exp...
Q1 update: Novonesis delivers 4% organic sales growth in line with expectations and reports progress on the integration For the first quarter as Novonesis, the company delivers 4% organic sales growth in line with expectations. Novonesis maintains the 2024 outlook of 5-7% organic sales growth with an adjusted EBITDA margin of around 35%. COPENHAGEN, Denmark – May 3, 2024. In the first three months of the 2024 financial year, Novonesis delivers 4% organic sales growth against a strong comparator. The organic sales growth in the first quarter is driven by both Food & Health Biosolution...
Trading statement Q1 2024
Trading statement Q1 2024 Novonesis realized 4% organic sales growth in line with expectations and maintains 2024 outlook. Ester Baiget, President & CEO: “I am pleased with the first quarter organic sales growth of 4% with growth in both Food & Health and Planetary Health. We are off to a good start in line with expectations and very well on track to deliver 5-7% organic sales growth for the full year with an adjusted EBITDA margin of around 35%. It’s highly comforting to see our new organization’s focus on both short and long-term deliverables and developments.” Pro forma sales perfo...
- Baptiste Lebacq
Vestas : Still plenty of unanswered questions
>Underperform rating (target price DKK 160) - Based on this release and the conference call, we maintain our expectations for 2024-2026 and our Underperform rating (despite a performance of -16% YTD), with an unchanged target price of DKK 160. While it is true that the situation is normalising, we see several risks, particularly with regard to the medium-term EBIT target (expected at 10%), given: The problems encountered by all players in the industry with new (o...
- Baptiste Lebacq
Vestas : Toujours beaucoup de questions en suspens
>Opinion Sous-performance (OC 160 DKK) - Post publication et conférence call, nous maintenons nos attentes sur 2024/26 et réitérons notre recommandation sous-performance (malgré une performance YtD de -16%) avec un OC inchangé à 160 DKK. Même si la situation est en voie de normalisation, nous identifions plusieurs risques notamment sur l’objectif d’EBIT à MT (attendue à 10%) à savoir : Les problèmes rencontrés par l’ensemble des acteurs de l’industrie sur les nou...
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Håkon Astrup
Sparebanken Vest (Buy, TP: NOK139.00) - Continued strong ROE and growt...
Boosted by the tax advantage of customer dividends, continued strong lending growth, YOY cost reductions and robust asset quality, SVEG reported a Q1 ROE of 21.6%. Moreover, with the approval and implementation of new IRB risk models, in addition to strong earnings, the CET1 ratio rose ~70bp QOQ. Trading at a 2025e P/E of ~9.2x, we continue to find the valuation undemanding, and reiterate our BUY and NOK139 target price.
Resolutions from the annual shareholders’ meeting 2024
Resolutions from the annual shareholders’ meeting 2024 Today an ordinary shareholders’ meeting was conducted. The following resolutions were made:• Approval of the audited Annual Report for 2023• Approval of distribution of profit with payment of an ordinary dividend of DKK 2.00 or EUR 0.27 per A/B share of DKK 2 for the last four months (September 1 - December 31) of 2023. Legacy Novozymes shareholders will then have received a total pay-out of the 2023 adjusted net profit of DKK 6.20 per share, which equals an increase of 3% compared with 2022.• Approval of the Remuneration Report fo...
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