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Andre Thormann

Senior Equity Analyst at Danske Bank

Andre Thormann is a Senior Equity Analyst at Danske Bank, specializing in European utilities with in-depth coverage of companies such as Ørsted, Fortum, Uniper, and Vestas. Recognized for his detailed sector research and actionable recommendations, Thormann boasts one of the highest success rates among his peers, with TipRanks reporting over a 65% success rate and average returns exceeding 8% per recommendation. He began his financial career in the early 2000s, advancing through roles at Nordea and SEB before joining Danske Bank in 2015, where he quickly became a key voice in energy and utility equities research. Thormann holds an MSc in Finance from Copenhagen Business School and is a certified securities analyst with European regulatory credentials.

Andre Thormann's questions to NOVOZYMES AS/FI (NVZMY) leadership

Question · Q4 2022

Andre Thormann questioned why the full-year free cash flow of DKK 1.1 billion missed the Q3 guidance of DKK 1.3-1.7 billion. He also asked for clarification on capital expenditures for the Blair facility versus the guidance.

Answer

CFO Lars Green attributed the free cash flow miss to timing effects and specific Q4 costs, including roughly DKK 100 million in costs related to the Chr. Hansen transaction, timing of tax payments, and changes in net working capital. He clarified that the Blair facility spending was on track, and the lower-than-guided total CapEx was due to currency effects and lower spending on other portfolio projects.

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