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SENASTE
NattoPharma’s 2020 results exceeded our expectations and the outlook for 2021 onwards with regards to sales growth and operating margins is better than we previously anticipated. Hence, we increase our EPS estimates for 2021-22 by 39% and 26% to NOK 1.23 and NOK 1.60, respectively. For 2023, we forecast EPS of NOK 2.04. On the back of improved profitability, we increase our fair value range to NOK 25-30 (NOK 22-26), implying 2021E EV/EBITDA of 10.3-12.4x. According to a press release dated 2 March 2021, Lesaffre has offered to acquire NattoPharma at a price of NOK 35 per share given a 66.67% acceptance level. This condition is expected to be satisfied. Nordea is acting as receiving agent in the offer.
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