Copenhagen, Oct 28 - Novozymes , the world's leading maker of industrial enzymes, is seen reporting a 1.8 percent drop in nine-month 2008 operating profit.
The mean estimate in the poll of ten analysts saw earnings before interest and taxes (EBIT) of 1.13 billion Danish crowns ($188.6 million), against 1.15 billion crowns in the corresponding period of 2007.
"We expect that Novozymes will only be moderately affected by the deteriorated economic situation since detergent, bioethanol and food are not that sensitive to the state of the economy," Jyske Bank wrote in a research note.
Total sales were seen rising 9.1 percent in the period to 8.2 billion crowns. Sales of detergent and other technical enzymes were expected to increase 3 percent and 6 percent, respectively.
"The recent strengthening of the U.S. dollar will have positive effects on Novozymes and we thus raise our rating of the share," said Jyske, which upped the rating to "buy" from "accumulate".
The company is due to release its figures on Friday, Oct. 31.
Novozymes shares are priced at about 20 times estimated 2008 earnings, trading at a significant premium compared to an average price/earnings multiple of about 11 for its ten largest world sector peers, according to Reuters data.
(Figures in millions of Danish crowns except EPS, which is in crowns)
NINE MONTHS
Mean Median High Low No. Yr ago
Total sales 6,104 6,109 6,166 6,052 10 5,594
- Detergent 1,751 1,751 1,789 1,719 9 1,700
- Other tech. en. 1,758 1,754 1,834 1,709 9 1,660
- food enzymes 1,292 1,293 1,334 1,265 9 1,270
- feed enzymes 526 524 539 511 9 516
- microorganism 247 246 271 228 9 246
EBIT (group) 1,128 1,129 1,149 1,107 10 1,149
Pretax profit 1,088 1,087 1,108 1,072 10 1,074
Net profit 815 814 830 804 10 810
EPS 12.99 12.99 13.24 12.82 10 13.09
THIRD QUARTER
Mean Median High Low No. Yr ago
Total sales 2,045 2,050 2,107 1,993 10 1,860
- Detergent 624 624 662 592 9 573
- Other tech. en. 679 675 755 630 9 581
- Food enzymes 456 457 498 429 9 435
- Feed enzymes 180 178 193 165 9 170
- Microorganism 72 71 96 53 9 71
EBIT (group) 379 380 400 358 10 361
Pretax profit 356 355 376 340 10 314
Net profit 266 265 281 255 10 240
EPS 4.29 4.29 4.54 4.12 10 3.89
NRI 0 0 0 0 10 0
FULL YEAR 2008
Mean Median High Low No. Yr ago
Total sales 8,197 8,178 8,418 8,060 10 7,438
- Detergent 2,483 2,485 2,562 2,441 9 2,239
- Other tech. en. 2,562 2,557 2,701 2,464 9 2,263
- Food enzymes 1,809 1,813 1,835 1,778 9 1,699
- Feed enzymes 750 745 784 726 9 705
- Microorganism 393 400 423 342 9 308
EBIT (group) 1,514 1,518 1,565 1,450 10 1,481
Pretax profit 1,449 1,455 1,495 1,378 10 1,385
Net profit 1,080 1,085 1,101 1,034 10 1,042
EPS 17.45 17.52 17.79 16.70 10 16.47
Dividend per share 5.17 5.17 6.20 4.00 5 5.00
NRI 0 0 0 0 10 75
FULL YEAR 2009
Mean Median High Low No.
Total sales 9,027 8,933 9,695 8,685 10
- Detergent 2,645 2,611 2,838 2,537 9
- Other tech. en. 2,953 2,939 3,326 2,624 9
- Food enzymes 1,973 1,975 2,052 1,909 9
- Feed enzymes 809 793 923 748 9
- Microorganism 432 440 482 376 9
EBIT (group) 1,680 1,664 1,884 1,581 10
Pretax profit 1,602 1,605 1,804 1,453 10
Net profit 1,198 1,202 1,355 1,090 10
EPS 19.35 19.41 21.89 17.61 10
Dividend per share 5.49 5.36 6.90 4.00 5
The following banks provided the estimates: Alm Brand, Cheuvreux, Dansk Aktie Analyse, Danske Bank, Handelsbanken Capital Markets, Jyske Bank, Kaupthing, Proactive Independent Ideas, Sydbank and UBS.