{"id":57894,"date":"2024-02-21T11:06:48","date_gmt":"2024-02-21T10:06:48","guid":{"rendered":"https:\/\/www.nordnet.dk\/blog\/?p=57894"},"modified":"2024-02-21T11:06:49","modified_gmt":"2024-02-21T10:06:49","slug":"novonesis-ser-dagens-lys","status":"publish","type":"post","link":"https:\/\/www.nordnet.dk\/blog\/novonesis-ser-dagens-lys\/","title":{"rendered":"Novonesis ser dagens lys"},"content":{"rendered":"\n<p><strong><a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/novonesis-novozymes-b-nsis-b-xcse\">Novozymes<\/a> og Chr. Hansen fusionerer og f\u00e5r navnet Novonesis. Aktien er ikke billig, men kvalitet koster som bekendt.<\/strong><\/p>\n\n\n\n<p>Novozymes blev etableret i 1950\u2019erne, efter Novo Industri som de f\u00f8rste i verden lykkedes med at isolere og fremstille tekniske enzymer til industriel anvendelse. Novozymes har i dag en markedsandel p\u00e5 omkring 50% inden for enzymer. Historisk er n\u00e6sten alle nye anvendelser udviklet af Novozymes, hvilket understreger selskabets innovationskraft og selskabets rolle i skabelsen af enzymmarkedet.<\/p>\n\n\n\n<p>Chr. Hansen blev grundlagt helt tilbage i 1874 som Chr. Hansens Teknisk-Kemiske Laboratorium, der fremstillede ostel\u00f8be til mejerisektoren. Chr. Hansen er i dag f\u00f8rende inden for mikrobielle ingredienser til f\u00f8devareindustrien og landbruget.<\/p>\n\n\n\n<p>Novozymes og Chr. Hansen passer fint sammen og supplerer hinanden godt. Det nye selskab, Novonesis, bliver et globalt power house inden for enzymer og aktive mikrobielle ingredienser, der samlet g\u00e5r under betegnelsen <em>biosolutions<\/em>.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;<strong>K\u00f8b hellere en fantastisk forretning til en rimelig pris, end en rimelig forretning til en fantastisk pris<\/strong>.&#8221;<\/p>\n<cite>&#8211; Charlie Munger<\/cite><\/blockquote>\n\n\n\n<div class=\"wp-block-coblocks-author\"><figure class=\"wp-block-coblocks-author__avatar\"><img decoding=\"async\" class=\"wp-block-coblocks-author__avatar-img\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2023\/07\/Thorleif_Jackson_marts_stol_1200x630.jpg\" alt=\"<em&gt;Thorleif Jackson<\/em&gt;. Fakta om Novonesis:\"\/><\/figure><div class=\"wp-block-coblocks-author__content\"><span class=\"wp-block-coblocks-author__name\"><em>Thorleif Jackson<\/em>. Fakta om Novonesis:<\/span><p class=\"wp-block-coblocks-author__biography\">Novonesis er en af verdens st\u00f8rste producenter af biosolutions til f\u00f8devareindustrien. Selskabet er ogs\u00e5 verdens st\u00f8rste producent af enzymer til industrier som biobr\u00e6ndsel og vaskepulver. Novonesis havde en proforma oms\u00e6tning p\u00e5 27,8 milliarder kroner i 2023 og en driftsindtjening p\u00e5 7,2 milliarder kroner. Novonesis har 10.600 medarbejdere og hovedkvarter i Bagsv\u00e6rd. Novo A\/S er st\u00f8rste aktion\u00e6r med ca. 22% af aktierne og over 50% af stemmerne.<\/p><\/div><\/div>\n\n\n\n<p><br><em>Den 30. januar var sidste handelsdag for Chr. Hansen, og eksisterende aktion\u00e6rer har f\u00e5et ombyttet deres <a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\">aktier<\/a> til Novozymes-aktier. P\u00e5 den kommende generalforsamling den 4. marts 2024 besluttes det, om aktien skifter navn til Novonesis.<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"novonesis-udvikling-og-estimater\"><strong>Novonesis<\/strong>: Udvikling og estimater<\/h2>\n\n\n\n<p>Selskaberne annoncerede deres fusion i december 2022 med Novozymes som det forts\u00e6ttende selskab. Det fremg\u00e5r af fusionsmeddelelsen, at man forventer at realisere \u00e5rlige oms\u00e6tningssynergier p\u00e5 80-90 mio. euro samt yderligere omkostningssynergier p\u00e5 80-90 mio. euro inden for 4-5 \u00e5r. Mere konkret forventer det nye selskab organisk oms\u00e6tningsv\u00e6kst p\u00e5 6-8% p.a., samt at overskudsgraden stiger fra 26,5% i 2022 til 29,0% allerede i 2025, f\u00f8r integrationsomkostninger.<\/p>\n\n\n\n<p>Fusionen f\u00e5r umiddelbart indtjeningen pr. aktie (EPS) til at falde 5-7% som f\u00f8lge af udvanding. Dertil kommer engangsomkostninger til restrukturering og integration. Til geng\u00e6ld forventes fusionen at skabe synergier som f\u00f8lge af krydssalg og besparelser. Der g\u00e5r formentlig 2-3 \u00e5r, f\u00f8r synergierne kompenserer for udvandingen. I den periode vil indtjeningen v\u00e6re noget underdrejet, som det ogs\u00e5 fremg\u00e5r af nedenst\u00e5ende grafer.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"omsaetning\"><strong>Oms\u00e6tning<\/strong><\/h4>\n\n\n\n<p>Novozymes blev udskilt af <a href=\"https:\/\/www.nordnet.dk\/aktier\/kurser\/novo-nordisk-b-novo-b-xcse\">Novo Nordisk<\/a> og blev separat b\u00f8rsnoteret i november 2000. Selskabets oms\u00e6tning har udviklet sig som vist p\u00e5 figur 1. Bem\u00e6rk, at grafen er logaritmisk:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"491\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-1024x491.png\" alt=\"\" class=\"wp-image-57978\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-1024x491.png 1024w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-620x297.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-150x72.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-768x368.png 768w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-1536x737.png 1536w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-2048x982.png 2048w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-500x240.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-800x384.png 800w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-1280x614.png 1280w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-1920x921.png 1920w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-370x177.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-270x129.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-570x273.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_omsaetning-740x355.png 740w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Figur 1.<\/strong> Kilde: \u00c5rsrapporter og Marketscreener.com (estimater). Historisk afkast er ingen garanti for fremtidigt afkast, ligesom estimater ikke garanterer fremtidig udvikling.<\/p>\n\n\n\n<p>Som det fremg\u00e5r, l\u00e5 oms\u00e6tningsv\u00e6ksten omkring 7-8% frem til 2015, hvorefter v\u00e6ksten er aftaget til ca. 3%. Efter fusionen forventes fornyet v\u00e6kst. Den forh\u00f8jede v\u00e6kst er et resultat af diverse synergier samt en st\u00e6rk organisk v\u00e6kst i Chr. Hansen-delen.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"indtjening\"><strong>Indtjening<\/strong><\/h4>\n\n\n\n<p>Novozymes indtjening har udviklet sig som vist p\u00e5 figur 2. Ogs\u00e5 denne graf er logaritmisk:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"485\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-1024x485.png\" alt=\"\" class=\"wp-image-57979\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-1024x485.png 1024w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-620x294.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-150x71.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-768x364.png 768w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-1536x727.png 1536w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-2048x970.png 2048w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-500x237.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-800x379.png 800w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-1280x606.png 1280w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-1920x909.png 1920w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-370x175.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-270x128.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-570x270.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_indtjening_aktie-740x350.png 740w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Figur 2.<\/strong> Kilde: \u00c5rsrapporter og Marketscreener.com (estimater). Historisk afkast er ingen garanti for fremtidigt afkast, ligesom estimater ikke garanterer fremtidig udvikling.<br><\/p>\n\n\n\n<p>Som det fremg\u00e5r, l\u00e5 v\u00e6ksten omkring 14% frem til 2015. V\u00e6ksten var drevet af besparelser og stordriftsfordele, der fik overskudsgraden til at stige fra 15,3% i 1999 til 27,7% i 2015. Indtjeningsv\u00e6ksten er faldet til blot 2% de seneste otte \u00e5r. Det skyldes lavere toplinjev\u00e6kst og en svagt faldende l\u00f8nsomhed\/overskudsgrad.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"overskudsgrad\"><strong>Overskudsgrad<\/strong><\/h4>\n\n\n\n<p>Overskudsgraden er faldet fra 27,7% i 2015 til 25,4% i 2023, j\u00e6vnf\u00f8r figur 3:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"486\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-1024x486.png\" alt=\"\" class=\"wp-image-57980\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-1024x486.png 1024w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-620x294.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-150x71.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-768x364.png 768w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-1536x728.png 1536w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-2048x971.png 2048w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-500x237.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-800x379.png 800w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-1280x607.png 1280w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-1920x910.png 1920w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-370x175.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-270x128.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-570x270.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_ebitmargin-740x351.png 740w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Figur 3.<\/strong> Kilde: \u00c5rsrapporter og Marketscreener.com (estimater). Historisk afkast er ingen garanti for fremtidigt afkast, ligesom estimater ikke garanterer fremtidig udvikling.<br><\/p>\n\n\n\n<p>De kommende \u00e5r (2024, 2025, 2026) vil v\u00e6re pr\u00e6get af integrationen med tilh\u00f8rende forvirring og engangsomkostninger. Markedet forventer pt., at overskudsgraden stiger svagt fra 25,4% i 2023 til 25,7% i 2026. Men ingen kender fremtiden, og fusionsmeddelelsen n\u00e6vnte en overskudsgrad p\u00e5 29% allerede i 2025. Hvorom alting er, forventer markedet pt., at indtjeningen stiger ca. 7% \u00e5rligt frem til 2026. M\u00e5ske er disse forventninger for konservative. Det m\u00e5 fremtiden vise.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"aktiekurs\"><strong>Aktiekurs<\/strong><\/h4>\n\n\n\n<p>Novozymes aktiekurs har udviklet sig som vist p\u00e5 figur 4. Ogs\u00e5 denne graf er logaritmisk:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"487\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-1024x487.png\" alt=\"\" class=\"wp-image-57981\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-1024x487.png 1024w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-620x295.png 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-150x71.png 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-768x365.png 768w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-1536x730.png 1536w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-2048x973.png 2048w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-500x238.png 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-800x380.png 800w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-1280x608.png 1280w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-1920x913.png 1920w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-370x176.png 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-270x128.png 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-570x271.png 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_aktiekurs-740x352.png 740w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Figur 4.<\/strong> Kilde: \u00c5rsrapporter, Yahoo! Finance (kursdata) og Marketscreener.com (estimater). Periode fra december 1999. Historisk afkast er ingen garanti for fremtidigt afkast, ligesom estimater ikke garanterer fremtidig udvikling.<\/p>\n\n\n\n<p>Som det fremg\u00e5r, er kursen steget fra 32,6 kroner i november 2000 til 373,5 kroner i februar 2024. Det svarer til gennemsnitlige afkast p\u00e5 11,1% p.a. over 23 \u00e5r. Dertil har aktion\u00e6rerne hvert \u00e5r modtaget udbytter, s\u00e5 det samlede afkast har v\u00e6ret over 12% p.a. Novozymes har med andre ord v\u00e6ret en fantastisk forretning for aktion\u00e6rerne, selvom selskabet har oplevet h\u00e5rd modvind de seneste otte \u00e5r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"nogletal-og-storste-konkurrenter\"><strong>N\u00f8gletal og st\u00f8rste konkurrenter<\/strong><\/h2>\n\n\n\n<p>Jeg har beregnet udvalgte n\u00f8gletal for Novonesis, hvor du ogs\u00e5 kan se tilsvarende n\u00f8gletal for selskabets tre st\u00f8rste konkurrenter. Se tabel 1.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"udvalgte-nogletal-for-fire-store-biosolution-producenter\"><strong>Udvalgte n\u00f8gletal for fire store biosolution-producenter:<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1555\" height=\"241\" src=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel.jpg\" alt=\"\" class=\"wp-image-57983\" srcset=\"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel.jpg 1555w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-620x96.jpg 620w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-1024x159.jpg 1024w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-150x23.jpg 150w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-768x119.jpg 768w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-1536x238.jpg 1536w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-500x77.jpg 500w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-800x124.jpg 800w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-1280x198.jpg 1280w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-370x57.jpg 370w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-270x42.jpg 270w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-570x88.jpg 570w, https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Novonesis_tabel-740x115.jpg 740w\" sizes=\"auto, (max-width: 1555px) 100vw, 1555px\" \/><\/figure>\n\n\n\n<p><strong>Tabel 1.<\/strong> Kilder: \u00c5rsrapporter, Yahoo! Finance (visse estimater) og Marketscreener.com (visse estimater). Data pr. 16. februar 2024. Historisk afkast er ingen garanti for fremtidigt afkast, ligesom estimater ikke garanterer fremtidig udvikling.<\/p>\n\n\n\n<p>De to st\u00f8rste rivaler, International Flavors og DSM-Firmenich (fremover kaldet Danube), er ligesom Novonesis resultatet af nylige fusioner, og de tre selskaber er nogenlunde ens prissat. Nu, hvor syv rivaler er blevet til fire, kan man m\u00e5ske forvente mindre konkurrence og forbedret l\u00f8nsomhed for hele sektoren i de kommende \u00e5r.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"normal-men-hoj-prissaetning\"><strong>Normal men h\u00f8j priss\u00e6tning<\/strong><\/h4>\n\n\n\n<p>Med kurs 373,5 kroner er Novonesis relativt h\u00f8jt prissat svarende til P\/E<sub>2023<\/sub>=34,3, P\/E<sub>2024<\/sub>=38,2 og P\/E<sub>2025<\/sub>=31,9. Til sammenligning har aktien de seneste 20 \u00e5r det meste af tiden handlet i en kurskanal mellem P\/E=24 og P\/E=40. Aktien er dermed h\u00f8jt, men normalt prissat. Hvis indtjeningen udvikler sig som forventet, og kursen holder sig indenfor kurskanalen, kan vi udlede, at markedet forventer en aktiekurs i niveauet 323 kr. til 538 kr. i december 2026.<\/p>\n\n\n\n<p>Hvad skal man mene om en aktie som Novonesis, der p\u00e5 en gang har en meget h\u00f8j kvalitet og en relativ h\u00f8j priss\u00e6tning? Jeg siger som nyligt afd\u00f8de Charlie Munger: K\u00f8b hellere en fantastisk forretning til en rimelig pris, end en rimelig forretning til en fantastisk pris.<\/p>\n\n\n\n<p>Hvad mener du om Novonesis? Tror du, forventningerne er for konservative? Er aktien rimeligt prissat?<\/p>\n\n\n\n<div class=\"wp-block-group has-background\" style=\"background-color:#00c8f5\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p><strong>Charlie Munger\u2019s Three Great Lessons of Investing:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>A great business at a fair price is superior to a fair business at a great price<\/li>\n\n\n\n<li>A great business at a fair price is superior to a fair business at a great price<\/li>\n\n\n\n<li>A great business at a fair price is superior to a fair business at a great price<\/li>\n<\/ol>\n\n\n\n<p>Kilde: Bogen <em>Poor Charlie&#8217;sAlmanack<\/em><\/p>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Thorleif Jackson ejer aktier i Novozymes\/Novonesis via Jackson FamilieInvest. Novozymes\/Novonesis indg\u00e5r ogs\u00e5 i Thorleif Jackson danske modelportef\u00f8lje for Dansk Aktion\u00e6rforening.<\/em><\/p>\n\n\n\n<p><em>Dette materiale er udarbejdet af Thorleif Jackson og indeholder information, der kan anses for at v\u00e6re en investeringsanbefaling i henhold til Markedsmisbrugsforordningen (Europa-Parlamentets og R\u00e5dets forordning 596\/2014), dvs. information som anbefaler eller foresl\u00e5r en investeringsstrategi. Nordnet Bank, filial af Nordnet Bank AB, Sverige (Nordnet), har ikke deltaget i udarbejdelsen, gennemg\u00e5et eller foretaget \u00e6ndringer i materialet. Thorleif Jackson har ansvaret for materialets indhold, og at det lever op til g\u00e6ldende lovgivning og regler.<\/em><\/p>\n\n\n\n<p><em>Materialet har ikke v\u00e6ret forelagt de omtalte selskaber.<\/em><\/p>\n\n\n\n<p><em>Dette materiale blev offentliggjort f\u00f8rste gang den 21. februar 2024 kl. 11:00. <\/em><\/p>\n\n\n\n<p><em>Indholdet i dette materiale udg\u00f8r ikke personlig investeringsr\u00e5dgivning. Det er vigtigt, at du som investor tr\u00e6ffer dine investeringsbeslutninger ud fra din egen vurdering af information fra forskellige kilder. Nordnet p\u00e5tager sig intet ansvar for direkte eller indirekte tab som f\u00f8lge af brug af information fra dette materiale. Materialet m\u00e5 ikke gengives uden Nordnets udtrykkelige samtykke. <\/em><\/p>\n\n\n\n<p><em>Thorleif Jackson modtager honorar fra Nordnet. Honoraret er aftalt p\u00e5 forh\u00e5nd og er ikke afh\u00e6ngig af materialets indhold eller de virksomheder, som er omtalt heri.<\/em><\/p>\n\n\n\n<p><em>Det kan forekomme, at Nordnet har positioner i v\u00e6rdipapirer, der omtales i materialet. En s\u00e5dan beholdning er da alene af administrative hensyn og uden fortjeneste for Nordnet. <\/em><\/p>\n\n\n\n<p><em>Nordnet er under tilsyn af Finansinspektionen i Sverige og det danske Finanstilsyn. <\/em><\/p>\n\n\n\n<p><em>Der er altid en risiko forbundet med at investere. Historiske afkast er ikke en garanti for fremtidige afkast. Finansielle instrumenter kan b\u00e5de stige og falde i v\u00e6rdi. Der er en risiko for, at du ikke f\u00e5r de investerede penge tilbage.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Novonesis \u2013 fusionen af Novozymes og Chr. Hansen \u2013 bliver et globalt power house inden for biosolutions. Det skriver Thorleif Jackson, som har beregnet udvalgte n\u00f8gletal for selskabet og de tre st\u00f8rste konkurrenter.<\/p>\n","protected":false},"author":40009,"featured_media":57917,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[1291],"tags":[3336],"class_list":["post-57894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-aktieinspiration"],"acf":[],"all_images":{"thumbnail":{"src":"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Laboratorie_glas_1200x430-150x54.jpg","width":150,"height":54,"crop":true,"srcset":"https:\/\/blog.nordnet.dk\/wp-content\/uploads\/sites\/4\/2024\/02\/Laboratorie_glas_1200x430-150x54.jpg 150w, 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