Novonesis: Unrequited Growth? Revisions & Thoughts Post 1Q26

Research evidence excerpt

Novonesis: Unrequited Growth? Revisions & Thoughts Post 1Q26

Idea

May 22, 2026 02:31 PM GMT

Morgan Stanley & Co. International plc+MNovonesis | Europe Thomas P Wrigglesworth

Equity Analyst

Unrequited Growth? Revisions Tom.Wrigglesworth@morganstanley.comLisa H De Neve +44 20 7677-2581

Lisa.De.Neve@morganstanley.com +44 20 7677-0250

& Thoughts Post 1Q26 Selina Wang

Research Associate

What’s Changed Selina.Wang1@morganstanley.com +44 20 7425-2552

Novonesis (NSISb.CO) From To Novonesis (NSISb.CO, NSISB DC)

Price Target DKr 560.00 DKr 552.00

Chemicals | Denmark

Stock Rating Overweight

Industry View In-Line

Price target DKr 552.00

Shr price, close (May 21, 2026) DKr 383.30

52-Week Range DKr 489.40- 336.80

Mkt cap, curr (mn) €23,888

Net debt (12/26e) (mn)* €2,627

EV, curr (mn)* €26,621

* = GAAP or approximated based on GAAP

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Sales / Revenue 4,158 4,426 4,775 5,106

Thesis intact; solid 1Q26 fails to convert into a higher share price - Novonesis (€mn)**

delivered a robust quarter of above peer growth in what was a better than expected EBITDA (€mn)** 1,463 1,647 1,835 1,996

EBIT (€mn)** 946 1,066 1,240 1,386

quarter for most in the reporting period. The shares have struggled to recover to EPS (€)** 1.99 2.24 2.41 2.69

the levels seen in '25. Investors have been struggling to justify the lacklustre share Prior EPS (€)** - 2.21 2.45 2.74

EPS (€)§ 1.76 1.99 2.19 2.40

price performance; an overly optimistic consensus is cited in part to blame and we P/E** 27.5 22.9 21.2 19.0

judge concerns around the resilience of growth in dairy, human health & laundry EV/revenue* 6.8 6.0 5.5 5.1

EV/EBITDA** 19.3 16.1 14.4 13.0

given US consumer sentiment, together with expectations of a normalizing oil price EV/EBIT** 29.8 24.9 21.3 18.7