Novonesis (Novozymes) B

NSISBC.XD

Chemicals - Specialty · Basic Materials

Price

kr 454.95

-1.55 (-0.34%)

Market Cap

kr 126.43B

Exchange

CBOE Europe

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 3, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Weak

Dividends

Weak

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Share count rising — dilution

+66.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 280.2M (2021) → 466.9M (2025)

Winston Score History

The full picture

Novonesis is a Danish biotechnology company that makes enzymes and microorganisms used across many industries. Its products help detergent makers clean clothes better, food companies produce bread and beer, and farmers improve animal feed. Formed from the 2024 merger of Novozymes and Chr. Hansen, it is the world's largest industrial enzyme producer.

The company earns revenue by selling biological ingredients to manufacturers in over 100 countries. Its scale in enzyme research and production, built over decades, creates a strong competitive position that is difficult for rivals to replicate. High gross margins reflect the specialized nature of its products. Key growth drivers include rising demand for sustainable solutions in food production and bioenergy, though integrating the two legacy businesses and maintaining pricing power in a cost-conscious market remain important near-term challenges.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+7.4% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

kr 3.5B/ year

↑ Rising (+12% vs prior year)

11.2% of revenue

3.7x the sector average (3%)

Investing heavily in future products and technology

Insider Activity

100.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

kr 2.6B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Novonesis (Novozymes) B is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

56.7%

Premium pricing power — 56.7% gross margin

Profit after running costs

Operating Margin

23.8%

Excellent — 23.8% operating margin

Return on the money invested

ROCE

5.9%

Weak — 5.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+5.2%

Slow sales growth (+5.2% YoY)

Profit growth

EPS YoY

-7.7%

Earnings shrinking (-7.7% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

215%

Turns 215% of profit into real cash

Spare cash per sale

FCF Margin

20.0%

Converts sales into free cash efficiently (20.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.28

Conservative — low debt load (0.28)

Covers its interest

Interest Cover

52.14x

Comfortably covers interest (52.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

47.7x

Expensive — P/E 47.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.45%

Small dividend — 1.45% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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