Danish Large Cap - Genmab, Novo Nordisk, Pandora & Vestas Wind Systems

Danish Large Cap - Genmab, Novo Nordisk, Pandora & Vestas Wind Systems

20 January 2017

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Discover our Bull & Bear Certificates linked to Danish Large Cap. We decided this week to wrap up what these companies do and the latest news to highlight the many opportunities ahead on the short-term investment horizon – Enjoy the read, we hope you like it!


Genmab was founded in 1999 and is an international biotechnology company specializing in the creation and development of differentiated antibody therapeutics for cancer treatment. The company has alliances with top tier pharmaceutical and biotechnology companies and produces a broad clinical and pre-clinical product pipeline. The company has also two approved antibodies, DARZALEX® (daratumumab), which is in clinical development for additional multiple myeloma indications, non-Hodgkin’s lymphoma and solid tumors, and Arzerra® (ofatumumab), which is in development for relapsing multiple sclerosis. The company intends to leverage these technologies to create opportunities for full or co-ownership of future products.

In the first week of January 2017, Genmab announced that it had received a USD 25m commercial milestone, which was triggered by the sales of Darzalex in 2016. Although the news was positive, the milestone payment was already flagged in the company’s interim report for the first nine months of 2016. In the report, Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab also stated that the 2016 financial guidance improved. The daratumumab received the second Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA) and an FDA approval of Arzerra® (ofatumumab) in combination with fludarabine and cyclophosphamide for relapsed chronic lymphocytic leukemia (CLL). Genmab further reported that a commercial license agreement had been entered with Gilead Sciences for DuoBody® Technology.

Bloomberg 12 month target price is set to DKK 1355.71 and Bloomberg consensus figures show 13 (72.2%) analysts set Genmab on BUY, 3 (16.7%) on HOLD and 2 (11.1%) on SELL recommendation.



Novo Nordisk is a global healthcare company with more than 90 years of innovation and leadership in diabetes care and other serious chronic conditions; haemophilia, growth disorders and obesity. The company is headquartered in Denmark and employs approximately 42,600 people in 75 countries and the company’s products are marketed in more than 180 countries.

Highlights from Novo Nordisk’s first nine months report of 2016 pointed out a sales increase of 6% and growth on the US and Chinese markets. However, the sales growth outlook for 2017 is expected to be in the low single digits and operating profit growth to be flat to low single digit.

Earlier in 2016 it was announced that chief executive officer, Lars Rebien Sørensen, retires after 16 years of holding the position as CEO and president at Novo Nordisk. His successor, Lars Fruergaard Jørgensen, was previously executive vice president and head of corporate development at the company and took over the role as Novo Nordisk’s new CEO 1 January 2017. Two weeks in to Mr. Jørgensen’s new role, US president-elect Donald Trump unexpectedly warned that his administration will push for lower drug prices. Novo Nordisk share price reacted heavily on the news and was the biggest faller on the market among the European pharmaceuticals in early trading. The share price fell 3.8% to DKK 245.6 but is on a slight recovery since and is currently trading around DKK 251.

Bloomberg 12 month target price is set to DKK 279.33 and Bloomberg consensus figures show 15 (41.7%) analysts set Novo Nordisk on BUY, 14 (38.9%) on HOLD and 7 (19.4%) on SELL recommendation.



Pandora was founded in 1982 and is headquartered in Copenhagen, Denmark, with production centered in Gemopolis, Thailand. The company employs more than 18,000 people worldwide and designs, manufactures and markets jewelry made from high-quality materials at affordable prices. Pandora jewelry is today sold in more than 100 countries on six continents with a vision to become the most loved jewelry brand in the world.

Pandora’s Q3 2016 report presented increased revenue of 18%, driven by all regions and categories of jewelry. The company showed continued roll out of concept stores with 90 new concept stores in Q3 and presented revenue guidance for 2016 intact. Furthermore, Pandora announced in December that the share buy-back program that started in February 2016 was completed. The buy-back program had the purpose of reducing Pandora’s share capital and to meet obligations arising from employee share option programs. In the announcement it was additionally stated that Pandora owns a total of 4.4% of the company’s share capital.

Bloomberg 12 month target price is set to DKK 1115.83 and Bloomberg consensus figures show 15 (93.8%) analysts set Pandora on BUY, 1 (6.3%) on HOLD and 0 (0.0%) on SELL recommendation.



Vestas is the only global energy company dedicated exclusively to wind energy and has over the past 37 years continuously pioneered new technologies and solutions to bring reliable wind energy solutions to 75 countries worldwide. Vestas develops and optimizes wind turbines, service solutions and manufactures wind power plants. The company also sells, installs and service wind power plants all over the world.

According to the company’s Q3 financial report in 2016, the company’s earnings improved significantly compared to the same period in 2015. High activity levels mainly drove the improved reported earnings in the quarter. Free cash flow was stable compared to Q3 2015, order intake was satisfactory but the backlog however was decreased due to the higher levels of activity. Nevertheless, Vestas upgraded guidance for 2016 on improved delivery visibility for the last quarter of the year.

Bloomberg 12 month target price is set to DKK 572.29 and Bloomberg consensus figures show 16 (66.7%) analysts set Vestas on BUY, 5 (20.8%) on HOLD and 3 (12.5%) on SELL recommendation.



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02/10/2022 18:00:37