Af Rob Hales, CFA, Morningstar aktieanalytiker.
Wide-moat Novozymes reported a disappointing first quarter with negative 4% organic growth. The company guided for negative growth in the first quarter, but growth in Bioenergy was worse than expected due to flooding in the U.S. Midwest, which took a major toll on customers. Volume lost is not expected to be fully recovered during the year. Consequently, Novozymes trimmed the top end of its 2019 organic growth guidance to 3%-5% from 3%-6%. We were already conservative on the year with our expectation for 3.8% organic growth, so we don’t expect to make any major changes to our forecast or our DKK 285 fair value estimate. At current levels, the shares look fairly valued.
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