Chr. Hansen Holding A/S

Chr. Hansen is a biosciences group based in Denmark. Co. develops and supplies natural ingredient solutions for the food, pharmaceutical, nutritional, and agricultural industries worldwide. Co. operates in three divisions: Cultures and Enzymes (develops, produces, and sells cultures, enzymes, and probiotics for the food and dairy industries); Health and Nutrition (develops products for the dietary supplement, over-the-counter pharmaceutical, infant formula, and animal feed industries); and Natural Colors (develops natural color solutions to the food industry, primarily for the beverage, dairy, confectionery, fruit preparation and ice cream, as well as functional blends for processed meats).
  • TickerCHR
  • ISINDK0060227585
  • ExchangeNasdaq Nordic Copenhagen
  • SectorPharmaceuticals & Biotechnology
  • CountryDenmark

Analysts

Rune Majlund Dahl

Chr. Hansen (Hold, TP: DKK670.00) - Q1 below market expectations

Q1 2018/19 organic growth was in line with consensus at 10%, while reported revenue and EBIT missed. Chr. Hansen kept its 9–11% group organic growth guidance for 2018/19, but at a divisional level lowered its organic growth guidance for Natural Colors (NC) to 6–9% (6–10%). We reiterate our HOLD and DKK670 target price.

Rune Majlund Dahl

Chr. Hansen (Hold, TP: DKK670.00) - FC&E lacks margin improvement

Q1 organic sales growth was in line with our estimate and consensus at c10% (we forecast 10.1%, consensus 10.0%), while reported revenue growth was low at c5.9% (we forecast 7.4%, consensus 7.5%). The group EBIT margin was 26.3% (we forecast 26.3%, consensus 26.6%) but missed in the important FC&E division. The 2018/19 guidance of 9–11% organic growth and a c29.5% EBIT margin was unchanged. We expect the shares to trade down 3–5% today following the report.

A double requalification allows CHR HANSEN HOLDING AS to improve to Slightly Positive

CHR HANSEN HOLDING AS (DK), a company active in the Food Products industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 2 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date January 11, 2019, the closing price was DKK 621.60 and its potential was estimated at DKK 682.85.

Rune Majlund Dahl

Chr. HansenMinor model adjustments

We have updated our estimates ahead of the Q1 results due at 8.00 CET on 17 January, mostly owing to FX. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We reiterate our DKK670 target price.

Rune Majlund Dahl

Chr. Hansen (Hold, TP: DKK670.00) - Q1 below market expectations

Q1 2018/19 organic growth was in line with consensus at 10%, while reported revenue and EBIT missed. Chr. Hansen kept its 9–11% group organic growth guidance for 2018/19, but at a divisional level lowered its organic growth guidance for Natural Colors (NC) to 6–9% (6–10%). We reiterate our HOLD and DKK670 target price.

Rune Majlund Dahl

Chr. Hansen (Hold, TP: DKK670.00) - FC&E lacks margin improvement

Q1 organic sales growth was in line with our estimate and consensus at c10% (we forecast 10.1%, consensus 10.0%), while reported revenue growth was low at c5.9% (we forecast 7.4%, consensus 7.5%). The group EBIT margin was 26.3% (we forecast 26.3%, consensus 26.6%) but missed in the important FC&E division. The 2018/19 guidance of 9–11% organic growth and a c29.5% EBIT margin was unchanged. We expect the shares to trade down 3–5% today following the report.

Rune Majlund Dahl

Chr. HansenMinor model adjustments

We have updated our estimates ahead of the Q1 results due at 8.00 CET on 17 January, mostly owing to FX. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We reiterate our DKK670 target price.

Rune Majlund Dahl

Chr. HansenMinor model adjustments

We have updated our estimates ahead of the Q1 results due at 08:00 CET on 17 January, mostly owing to FX. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We reiterate our DKK670 target price.

Rune Majlund Dahl

Chr. Hansen (Hold, TP: DKK670.00) - EUR pricing drives organic growth

Chr. Hansen (CHR DC, Hold) - EUR pricing drives organic growth (17 pages)

2 directors bought

Two Directors at Chr.Hansen Holding AS bought 3,385 shares at between 614.400DKK and 619.830DKK. The significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under lis...

Alexander Aukner ...
  • Antti Kansanen
  • Jon Masdal
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Frank Maaø ...
  • Håkon Astrup
  • Jesper Ingildsen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Christer Roth ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Jon Masdal ...
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Montgomery
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

A double requalification allows CHR HANSEN HOLDING AS to improve to Slightly Positive

CHR HANSEN HOLDING AS (DK), a company active in the Food Products industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 2 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date January 11, 2019, the closing price was DKK 621.60 and its potential was estimated at DKK 682.85.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 28/11/2017

In general, Chr. Hansen is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting.Under ITEM 5c, it is proposed to abolish the age limit for members of the board of directors in the Company's Articles of Association. Since this proposal is currently not in accordance with provision 3.1.4 of the Danish Recommendations on Corporate Governance, ECGS recommends to OPPOSE.Under ITEMS 6aa-6bf, the (re-)election of the board of directors is proposed. ECGS has concerns over the aggregate time commitments of board Chairman Mr. Ole Gjesso And...

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