Skuffende Q1 for Novozymes efter oversvømmelser: forventningerne trimmes

Novozymes meldte om et skuffende første kvartal med negativ organisk vækst på 4%. Vi regner dog ikke med at justere vores fair value-estimat. Aktien er fortsat fair prissat med sine 3 stjerner.


Novozymes

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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Novozymes A/S B367,10 DKK0,88

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