Financials Novonesis A/S

Equities

NSIS B

DK0060336014

Specialty Chemicals

Real-time Estimate Cboe Europe Other stock markets 06:12:53 2024-05-15 am EDT			5-day change	1st Jan Change
423.4 ^DKK	+0.69%		+1.05%	+13.93%

May. 10	NOVONESIS : Key segments outperform in average Q1 24 showing
May. 03	Transcript : Novozymes A/S, Q1 2024 Sales/ Trading Statement Call, May 03, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	91,696	97,943	148,795	97,304	102,816	195,371	-	-
Enterprise Value (EV) ¹	95,745	101,814	154,020	103,111	109,433	209,715	207,331	205,682
P/E ratio	29.6 x	34.9 x	47.8 x	26.7 x	34.1 x	50.6 x	33.7 x	30.3 x
Yield	1.61%	1.5%	1.02%	1.71%	1.13%	1.36%	1.64%	1.75%
Capitalization / Revenue	6.38 x	6.99 x	9.95 x	5.54 x	5.74 x	6.66 x	6.24 x	5.84 x
EV / Revenue	6.66 x	7.27 x	10.3 x	5.87 x	6.11 x	7.15 x	6.62 x	6.14 x
EV / EBITDA	18.1 x	20.7 x	28.4 x	17.1 x	20.4 x	20.7 x	18.2 x	16.4 x
EV / FCF	36.3 x	29.8 x	54.6 x	92.4 x	52.2 x	53.9 x	36.5 x	30.7 x
FCF Yield	2.75%	3.35%	1.83%	1.08%	1.92%	1.85%	2.74%	3.25%
Price to Book	8.27 x	8.87 x	12.8 x	7.15 x	7.38 x	2.35 x	2.3 x	2.24 x
Nbr of stocks (in thousands)	281,276	280,237	276,983	276,511	277,058	464,616	-	-
Reference price ²	326.0	349.5	537.2	351.9	371.1	420.5	420.5	420.5
Announcement Date	1/23/20	2/2/21	2/1/22	1/26/23	2/1/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,374	14,012	14,951	17,553	17,899	29,324	31,320	33,481
EBITDA ¹	5,292	4,918	5,423	6,046	5,365	10,119	11,423	12,524
EBIT ¹	4,039	3,652	4,007	4,629	4,552	7,945	9,001	9,849
Operating Margin	28.1%	26.06%	26.8%	26.37%	25.43%	27.09%	28.74%	29.42%
Earnings before Tax (EBT) ¹	3,799	3,521	3,924	4,556	3,909	5,150	6,859	7,974
Net income ¹	3,154	2,825	3,146	3,676	3,024	3,601	5,207	6,060
Net margin	21.94%	20.16%	21.04%	20.94%	16.89%	12.28%	16.63%	18.1%
EPS ²	11.01	10.02	11.23	13.19	10.88	8.316	12.48	13.88
Free Cash Flow ¹	2,635	3,415	2,822	1,116	2,096	3,889	5,679	6,693
FCF margin	18.33%	24.37%	18.87%	6.36%	11.71%	13.26%	18.13%	19.99%
FCF Conversion (EBITDA)	49.79%	69.44%	52.04%	18.46%	39.07%	38.44%	49.72%	53.44%
FCF Conversion (Net income)	83.54%	120.88%	89.7%	30.36%	69.31%	108.01%	109.06%	110.44%
Dividend per Share ²	5.250	5.250	5.500	6.000	4.200	5.707	6.882	7.375
Announcement Date	1/23/20	2/2/21	2/1/22	1/26/23	2/1/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	3,761	3,834	4,371	4,286	4,367	4,529	4,623	4,217	4,456	4,603	7,243	14,442	7,385	7,407	14,933	-	15,541	15,991
EBITDA ¹	1,448	1,150	1,503	1,487	1,664	1,392	1,491	1,200	1,516	1,320	2,529	5,046	2,674	2,547	5,221	-	-	-
EBIT ¹	1,095	805	1,142	1,110	1,287	1,059	1,200	1,011	1,184	1,157	1,940	3,858	2,089	1,962	4,071	-	4,431	4,553
Operating Margin	29.11%	21%	26.13%	25.9%	29.47%	23.38%	25.96%	23.97%	26.57%	25.14%	26.78%	26.71%	28.28%	26.49%	27.26%	-	28.51%	28.47%
Earnings before Tax (EBT)	1,054	771	1,076	1,047	1,388	1,045	1,040	798	1,148	923	-	2,208	-	-	2,007	-	-	-
Net income ¹	843	625	832	817	1,153	883	784	614	936	698	692.1	1,537	800.5	800.5	1,395	-	-	-
Net margin	22.41%	16.3%	19.03%	19.06%	26.4%	19.5%	16.96%	14.56%	21.01%	15.16%	9.56%	10.64%	10.84%	10.81%	9.34%	-	-	-
EPS ²	3.010	2.240	2.980	2.900	4.140	3.180	2.820	2.180	3.370	2.510	1.478	4.661	1.709	1.709	4.736	-	7.755	7.979
Dividend per Share ²	-	5.500	-	-	-	6.000	-	-	-	4.200	-	-	-	5.580	-	-	-	-
Announcement Date	10/26/21	2/1/22	4/26/22	8/11/22	11/3/22	1/26/23	4/26/23	8/9/23	10/26/23	2/1/24	-	-	-	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,049	3,871	5,225	5,807	6,617	14,344	11,960	10,311
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.7651 x	0.7871 x	0.9635 x	0.9605 x	1.233 x	1.418 x	1.047 x	0.8233 x
Free Cash Flow ¹	2,635	3,415	2,822	1,116	2,096	3,889	5,679	6,693
ROE (net income / shareholders' equity)	27.5%	24.9%	27.3%	28.6%	21.7%	6.43%	6.8%	7.74%
ROA (Net income/ Total Assets)	15.7%	13.8%	13.9%	13.9%	10.7%	5.19%	6.53%	7.42%
Assets ¹	20,067	20,474	22,638	26,375	28,187	69,348	79,738	81,652
Book Value Per Share ²	39.40	39.40	41.90	49.20	50.30	179.0	183.0	188.0
Cash Flow per Share ²	11.20	15.40	14.50	14.40	14.90	16.50	19.20	21.00
Capex ¹	997	940	1,240	2,890	2,056	3,074	3,220	3,257
Capex / Sales	6.94%	6.71%	8.29%	16.46%	11.49%	10.48%	10.28%	9.73%
Announcement Date	1/23/20	2/2/21	2/1/22	1/26/23	2/1/24	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Novonesis A/S

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

420.5 DKK

Average target price

437.4 DKK

Spread / Average Target

+4.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Biotechnology Chemicals

	1st Jan change	Capi.
NOVONESIS A/S	+13.31%	28.33B
CATHAY BIOTECH INC.	-4.18%	4.23B
BORREGAARD ASA	+12.72%	1.78B
PUYANG HUICHENG ELECTRONIC MATERIAL CO., LTD.	-9.28%	649M
HENAN JINDAN LACTIC ACID TECHNOLOGY CO.,LTD.	-15.04%	443M
BIO-ON S.P.A.	-81.65%	216M
CHEMCON SPECIALITY CHEMICALS LIMITED	-15.76%	108M
I-TECH AB	-12.50%	53.16M

Industrial Biotechnology Chemicals