Rankings Food, drinks & restaurants Novonesis
Novonesis
61
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- ROIC−5
- Multiples vs own history−4
- Absolute price level−4
Strengths
- Raised guidance+3
- Buybacks+2
- Pricing power and moat+2
How the score is built
From 100 to 61, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 460.40 DKK
- Median analyst target
- 500.00 DKK
- Upside to median
- +8.6%
- Analysts
- 15
- Target range
- 420.00 – 540.00 DKK
- 52-week change
- +19%
- P/E (trailing)
- 45.5
- Forward P/E
- 27.1
- PEG
- 3.24
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−10 of −30
- −5ROICROIC 5.7% vs WACC 7.1%; before the Chr. Hansen merger returns were 17–19% (2021–2023). The all-share merger created a large goodwill item that returns do not yet cover.
- −3Quality of growthRevenue has almost doubled since 2023, but reported EPS is EUR 1.35 (TTM) vs 1.77 in 2022 and 1.46 in 2023 – bigger, not stronger per share.
- −2Capital allocationNet debt rose from EUR 1.5bn to 2.7bn in 2025 after acquisitions, and the rest of MicroBioGen is now being bought; net debt/EBITDA 1.8 vs 1.1 in 2024.
Price
Today's multiples against the company's own history and its peers. · 3 findings−10 of −35
- −4Multiples vs own historyForward P/E 25.0 and EV/EBITDA 18.2 are at the bottom of its own history (26–45 and 18–30 in 2021–2025), but trailing P/E is 41.9 and P/FCF 31 – the history is itself a high starting point.
- −2PeersForward P/E 25.0 is in line with Givaudan (27.2), dsm-firmenich (25.7) and IFF (25.0); EV/EBITDA 18.2 vs 14.5–21.9. No discount to a sector that is expensive in itself.
- −4Absolute price levelFCF yield 3.2% and earnings yield 2.4% at a market value of DKK 198bn; dividend yield 1.5%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−9 of −35
- −3Governance and controlNovo Holdings owns 25.5% of the capital and has the voting majority via unlisted A shares with 10 votes; other insiders own only 0.01%. Minority shareholders have no real influence.
- −3Macro and regulationAgriculture, Energy & Tech is 36% of revenue (EUR 1,558m of 4,297m), much of it bioethanol enzymes that depend on US corn and biofuel policy.
- −2Execution vs targetsThe 2030 targets (6–9% organic growth, EBITDA margin of at least 39%) were called disappointing: the low end and the margin target are below analyst consensus (40.5% in 2029).
- −1Currency and country exitExiting certain countries cost about 1.5 pp of growth in H1 (3 pp in Food & Health), and currency weighed on the margin; growth is partly bought with price increases (about 2 pp).
Plus
Only documented strengths. · 3 findings+7 of +15
- +3Raised guidanceOrganic growth 9% in Q2 (consensus 7.4%); 2026 guidance raised from 5–7% to 7–8% and the EBITDA margin at the high end of 37–38%.
- +2BuybacksFirst-ever share buyback: EUR 1bn spread over 2026–2029, on top of an interim dividend of DKK 2.35.
- +2Pricing power and moatThe world's largest in industrial enzymes and microbial solutions with about 50% market share; price added about 2 pp to growth, and the EBITDA margin rose 0.3 pp despite currency headwinds.
Caveats
What the score does not capture, or where the data is weak.
Accounts in EUR; reported EPS is depressed by amortisation from the Chr. Hansen merger (adjusted EPS about 50% higher); enzymes/biotech do not fit the industry list (placed under food, as Food & Health is the largest customer group)
Also in Food, drinks & restaurants
The highest scores in the same industry.
