- Novozymes reported its last annual results for fiscal 2023 with revenue growing, but bottom line declining.
- Novonesis is the new company generated by the merger between Novozymes and Christian Hansen.
- The stock is trading above intrinsic value once again and is not the best investment anymore.
In October 2023, I published my last article about Novozymes A/S (OTCPK:NVZMF) – and it was my first article about the stock in which I was rather bullish. And although the stock was trading slightly below my calculated intrinsic value, and I rated the stock as a “Buy” I did not purchase any shares myself as I assumed that the stock might decline a little bit lower. My preferred entry point was DKK 250.
And while I was maybe a bit too greedy, the article seemed at least well-timed with its “Buy” rating, as the stock moved higher in the following weeks and gained almost 40% in value in the meantime. In the following article, I will look at the new business that was created from the merger called Novonesis and look at the last annual results of the legacy Novozymes business one last time. And finally, we will provide an outlook and an updated intrinsic value calculation to determine what to do with the stock right now.
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