Utdrag nedan ur analysen som kom tidigare idag från Norne Research.
----------NattoPharma - BUY NOK 24 (prev. BUY 24) - 3Q Preview: Focus on strong growth and the outcome of strategic review
We keep our Buy recommendation under an unchanged TP of NOK 24/sh ahead of NattoPharma’s 3Q20 report on November 11th. We estimate solid 3Q figures with 40% revenue increase YoY. In the meantime, our focus remains on the strong growth of vitamin K2 market as well as on the outcome of the strategic review, which could provide exciting opportunities for additional long-term value creation. Solid 3Q results expected
NATTO will release its 3Q20 report on November 11th. We estimate solid 3Q results with revenues up 40% YoY to NOK 43.2m, but somewhat down QoQ due to exceptionally strong performance in 2Q. Adj. EBITDA is seen at NOK 5.5m with 13% margin (13% in 2Q20). Our estimates for 2020 remain unchanged with revenues expected at NOK 200m, which is in line with the company’s guidance of between NOK 190m and NOK 205m, while adj. EBITDA margin for 2020 is seen at 15%, falling into the middle of company’s targeted range of between 13% and 18%.Still no update on the strategic review
Our short-term focus remains on the strategic review, which was initiated back in June following an acquisition attempt made by Kappa Bioscience. A review considers all the alternatives on how to position the company going forward and create a higher long term value. However, since July the company has been silent, so we are likely to receive an update on its strategic review only in the 3Q20 report if any.Buy reiterated at an unchanged TP of NOK 24/sh
We made limited changes to our estimates and keep Buy recommendation with an unchanged TP of NOK 24/sh. The vitamin K2 market is expanding and is estimated to increase by 25-35% annually in the next few years, according to the industry’s analysts. Therefore, given NATTO’s current vitamin K2 market share of ~20% and the potential from new ingredient products, we view NattoPharma to be well positioned to deliver on its mid-term targets of NOK 350m in revenues and adj. EBITDA margin at 20% by 2022. What is more, an outcome of the strategic revision is likely to contribute positively to additional value creation.