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Novonesis AS Class B

NSIS B: XCSE (DNK)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
DKK 182.00JtljBhgjbjhn

Novozymes Beats Consensus in Third Quarter and Boosts Guidance Again; Shares Overvalued

Wide-moat Novozymes reported third-quarter results that beat company-compiled consensus, including organic growth of 7% versus consensus of 5.6%. Strong results caused the company to raise 2021 guidance again. Organic growth is now expected to be 5%-6% (4%-6% previously) with an EBIT margin of 27% (26% previously). Shares rose 2% on the news. We were already on the high end of guidance so we are maintaining our DKK 375 fair value estimate. At current levels, the shares look overvalued.

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