DOCSLIB.ORG

Company Note

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Company Note Meet - the Equity Research - management event in managementBoston in event Investment Research Company update 8 February 2017 Novo Nordisk Buy (Unchanged) Pharmaceuticals, Denmark Meet-the-management event in Boston Key data On the day of the FY release, there was much focus on risks due to the changed Price (DKK)* 234 Target price, 12 mth (DKK) † 300 guidance range. The meet-the-management event in Boston on Tuesday had Market cap (DKKm) 606,998 more focus on opportunities. Our impression is that management is talking more Market cap (EURm) 81,652 towards the high end of guidance but that the low end was changed if something Reuters NOVOb.CO unexpected (not very likely) should occur. We keep our DKK300 12M TP and Buy. Bloomberg NOVOB DC No. of shares (m) 2,599.6 Clearer message. Novo has had time to digest how its FY release was received Net debt (current Y/E) (m) -14,353 and its communication has become clearer. The EBIT guidance of -2% to +3% Free float 73.0% Avg. daily vol, 12M (000) 3,376.6 growth in 2017 includes a 4% headwind from Vagifem generics and a tough Norditropin comp. Adjusting for this implies 2-7% growth, which makes it Price performance 400 380 comfortable to deliver 5%-plus after 2017. Cost savings in 2017 from layoffs in 2016 360 340 come to DKK1bn and Novo is set to save a further DKK500m from procurements 320 300 280 in 2017 (and 2018) – savings that have been invested in other parts of Novo. 260 240 220 US. Novo does not seem that concerned about a Trump effect short term (although Feb 16 May 16 Aug 16 Nov 16 Feb 17 NOVOb.CO STOXX 600/Health Care rebased it is included in the low end of its 2017 guidance). It believes deregulation, tax entry not defined. Error! AutoText reforms and affordability are on the table. A central price regulation for Medicare 1M 3M 12M 5Y Part D seems unlikely. It is pleased with the current access for its US products and Absolute -9% 4% -26% 54% Rel. local market -9% -6% -32% -24% the strong SWITCH/DEVOTE data on Tresiba puts it in a strong position ahead of Rel. EU sector -8% -4% -30% -6% the 2018 negotiations. Novo still expects a 5% annual US market share gain for Source: FactSet Tresiba but with the current trend, we believe it will end 2017 above 10%. Estimate changes 17E 18E 19E M&A. Novo is clear that M&A activity to revitalise its Biopharma franchise is on the Sales 0.0% 0.0% 0.0% table. Maybe already in 2017. It looks at possibilities in the region of USD1-3bn. EBITDA 0.0% 0.0% 0.0% EBIT (adj.) 0.0% 0.0% 0.0% Valuation. We base 12M target price on a blend of DCF and relative valuation. EPS (adj.) 0.0% 0.0% 0.0% Source: Danske Bank Markets estimates Key financials Next event Q1 3-May Year-end Dec (DKK) 2015 2016 2017E 2018E 2019E * Price as at close on 7 February 2017 Revenues (m) 107,927 111,780 116,006 121,838 130,154 † Includes dividends Revenues growth 21.5% 3.6% 3.8% 5.0% 6.8% EBITDA (m) 52,403 51,625 53,116 56,240 60,528 EBIT adj. (m) 46,619 48,432 50,102 52,703 56,506 EBIT growth 35.2% 3.9% 3.4% 5.2% 7.2% Pre-tax profit (m) 43,483 47,798 47,688 52,771 56,562 EPS adj. 12.4 15.0 15.2 17.3 19.1 DPS 6.40 7.60 7.80 8.60 9.80 Dividend yield 1.6% 3.0% 3.3% 3.7% 4.2% FCF yield (incl. recurr capex) 3.3% 6.2% 5.4% 6.4% 7.3% EBIT margin (adj.) 43.2% 43.3% 43.2% 43.3% 43.4% Net debt/EBITDA (x) -0.3 -0.4 -0.3 -0.2 -0.2 ROIC 100.1% 98.7% 97.0% 88.2% 84.2% Analyst(s) EV/sales (x) 9.4 5.6 4.9 4.5 4.1 Martin Parkhøi EV/EBITDA (adj.) (x) 20.0 11.9 10.4 9.6 8.6 +45 45 12 80 46 EV/EBIT (adj.) (x) 21.7 13.0 11.2 10.4 9.4 [email protected] P/E (adj.) (x) 32.2 17.0 15.4 13.5 12.2 P/BV (x) 21.7 14.1 12.0 10.5 9.3 Thomas Bowers +45 45 12 80 44 Source: Company data, Danske Bank Markets estimates [email protected] 1Important | Novo disclosuresNordisk Buy and certifications are contained from page 12 of this report. www.danskemarketsequities.com Meet - the - management event in managementBoston in event Meet-the-management event in Boston Novo hosted a meet-the-management event in Boston Tuesday, in which we participated. Novo gave a brief plenum introduction by its CEO and then hosted three separate Q&A sessions with the top management of the company. The FY release from the company was not received very well by the equity market (- 7% on the day for the shares) as the company broadened its guidance range for both sales and EBIT. Although the sales guidance range was both lowered in the bottom and lifted in the top, the market seemed to focus entirely on the risks (reason for lowering of the low-end of the guidance range). We also believe Novo had significant difficulties in coming across with its message. That led to increased uncertainty. However, we believe the message was sharper and clearer at the meet-the- management event. Focus was also less on the risks and more on obvious opportunities. In general, we believe Novo is now downplaying the risk of a US political impact of major character in 2017 and it seems to see a low risk of central price regulation of Medicare Part D (a third of Novo’s US sales goes through Medicare). On the other hand, Novo seems to be very excited by the recent trend for Tresiba in US and it is difficult for us to see its market share not being somewhat above the guided 10% level at the end of 2017. So, if these things play out, Novo should be able to deliver towards the high end of the guidance range (-1% to +4% for sales and -2% to +3% for EBIT, both in local currencies). It is naturally quite important for the equity story that Novo is as far away as possible from delivering negative growth. Error! AutoText entry not defined. Error! AutoText We remain confident in our Buy rating and our 12M target price of DKK300. We realise it could be a bumpy ride as we expect a weak Q1 (due to tough comps) and uncertainty ahead of the outcome of the 2018 price negotiations (we expect a conclusion from Novo in its Q2 report in August). However, in H2, we expect much stronger growth due to easier comps and increased benefit from its many new products. Below, we highlight key topics from the Q&A meetings in which we participated at the event in Boston (we participated in all three). 2 | Novo Nordisk Buy www.danskemarketsequities.com Meet - the - management event in managementBoston in event Mads Krogsgaard Thomsen, CSO The meeting with Mr. Krogsgaard was focused entirely on R&D. We discussed various topics like Tresiba, Semaglutide, Oral Semaglutide and Haemophilia. With respect to Tresiba, Novo is convinced that this is a paradigm shift in basal insulins as big as the paradigm shift was when Lantus was launched by Sanofi 15-16 years ago. It in particular highlights the DEVOTE data as being very important (more than the SWITCH data). This data will be presented at a symposium at ADA in San Diego in June and simultaneously be published in high impact scientific papers. Novo is also very excited by its once-weekly GLP-1, Semaglutide. It expects a US approval late this year. Semaglutide showed a very strong CV benefit in Sustain-6 (26% reduction versus 13% for Victoza in the LEADER trial). However, Novo still “only” expects the data for CV to be included in the data section of Semaglutide’s label and not as a separate indication. This is due to the size and design (non-inferiority) of the Sustain-6. Novo’s key competitor in GLP-1 is Lilly’s once-weekly Trulicity. Besides having a similar clinical profile as Novo’s once-daily Victoza, it has the convenience benefit of being once-weekly and a very good pen device. Novo is currently conducting a head-to-head (data available in Q3) between Semaglutide and Trulicity. It appears confident that Semaglutide will beat Trulicity on both glucose control and weight. Semaglutide will be launched initially in a Flextouch-like device, but we believe Novo is also looking at a new device. However, while Trulicity’s device plays a role in the competition versus Victoza, it will play a smaller role versus Semaglutide if Novo can show the superiority of Semaglutide versus Trulicity in the Sustain-7 trial. Error! AutoText entry not defined. Error! AutoText Novo is also right now conducting phase 2 trials for Semaglutide as a once-daily injection in both diabetes (headline data has been published) and obesity (headline data in H2 2017). We, however, get a clear impression that Semaglutide as a once- daily injection will not be the way forward. We expect the phase 2 obesity data on Semaglutide to be strong and we then expect Novo to start a phase 3 obesity trial in 2018 for Semaglutide as a once-weekly injection.
Load more

Recommended publications
  • Novo Nordisk Annual Report 2012
    novo nordisk annual report 2012 Diabetes – an emergency in slow motion Strategy Sustainable growth is all about – can it be done? choice Insulin in Novo Nordisk’s performance in 2012 is a result of important decisions made in recent years a tablet – but there is more to the story – why is it so difficult? Contents Accomplishments and results 2012 1 Letter from the Chairman 2 Letter from the CEO 4 Performance highlights 6 2012 performance and 2013 outlook Our business 15 Strategy is all about choice 20 Diabetes – an emergency Diabetes – an emergency in slow motion 20 in slow motion 22 The protein powerhouse 24 Insulin treatment is a balancing act 26 Insulin in a tablet – why is it so difficult? 28 Simple injections 29 Prevent bleedings 30 Pipeline overview 32 Many markets – one model 38 Sustainable growth – can it be done? 41 With every big opportunity comes a risk Governance, leadership and shares 44 Shares and capital structure The protein 46 Corporate governance 22 powerhouse 49 Remuneration 52 Board of Directors 54 Executive Management Financial, social and environmental statements 55 Consolidated financial, social and environmental statements 104 Financial statements of the parent company 109 Management’s statement and Auditor’s reports Additional information 112 More information Simple 28 injections 113 Product overview The Management review, as defined by the Danish Financial Statements Act (FSA), is found on pp 1–54 and 94. This Annual Report is published in both a Danish and an English language version. In the event of any discrepancies, the Danish version shall prevail. 1 Chairman of the Board of Directors Sten Scheibye at the Annual General Meeting in March 2012.
    [Show full text]
  • PP Hemmingsen
    Lundbeck Foundation EU conference: Giving more to research in Europe Presentation by Steen Hemmingsen, Managing Director, The Lundbeck Foundation - The Danish research funding system - The Danish foundation sector a. Charitable b. Industrial c. Dual purpose (Commercial Foundation Act) - The Lundbeck Foundation - Trust Deed and Governance - Grant policies - Centres of Excellence - Interaction between Foundation controlled pharma industry, university research and biotech cluster March 2006 Lundbeck Foundation TheThe DanishDanish ResearchResearch FundingFunding System*System* Private sector Euro 3,44 bn. 70% 1,78% of GNP Public sector Euro 1,49 bn. 30% 0,79% - - • Council for independent research Euro 124 m. • Council for strategic research Euro 47 m. • National research foundation Euro 27 m. • Technology foundation Euro 26 m. Private foundations**) Euro 134 m. (The Lundbeck Foundation contributes Euro 30 m.) *) Source: The Danish Centre for Studies in Research and Research Policy, some figures relate to 2003. **) Estimate 2005, included in public sector statistics. Lundbeck Foundation THETHE LUNDBECKLUNDBECK FOUNDATIONFOUNDATION • Established in 1954 by Mrs. Grete Lundbeck (no descendants) • Owns 70% of the listed pharmaceutical company H. Lundbeck A/S • An industrial foundation regulated under The Commercial Foundations Act. • Several large Danish companies are controlled by industrial foundations • The Lundbeck Foundation operates independently of its industrial subsidiary/founder family - no company executives on the Board/management - no grants given to company • The Lundbeck Foundation provides grants to research of Euro 30 m. H. Lundbeck A/S has a R&D budget of Euro 250 m. • The Lundbeck Foundation’s asset base is Euro 4 bn. – 65% hereof in donor stock Lundbeck Foundation SeveralSeveral foundationfoundation--ownedowned companiescompanies amongamong thethe largestlargest DanishDanish firmsfirms • A.
    [Show full text]
  • Company Announcement No 27 / 2018 Page 2 of 2
    Novo Nordisk A/S – Share repurchase programme Bagsværd, Denmark, 26 March 2018 – On 5 February 2018, Novo Nordisk initiated a share repurchase programme in accordance with Article 5 of Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR), also referred to as the Safe Harbour rules. This programme is part of the overall share repurchase programme of up to DKK 14 billion to be executed during a 12-month period beginning 1 February 2018. Under the programme initiated 5 February 2018, Novo Nordisk will repurchase B shares for an amount up to DKK 2.5 billion in the period from 6 February 2018 to 30 April 2018. Since the announcement as of 19 March 2018, the following transactions have been made under the programme: Number of Average Transaction B shares purchase price value, DKK Accumulated, last announcement 4,316,251 1,330,917,830 19 March 2018 145,000 305.81 44,342,263 20 March 2018 145,000 304.49 44,151,273 21 March 2018 145,000 304.84 44,201,837 22 March 2018 147,366 301.24 44,392,350 23 March 2018 150,000 295.35 44,303,071 Accumulated under the programme 5,048,617 1,552,308,624 The details for each transaction made under the share repurchase programme are published on novonordisk.com. With the transactions stated above, Novo Nordisk owns a total of 68,110,853 B shares of DKK 0.20, corresponding to 2.7% of the share capital, as treasury shares. The total amount of A and B shares in the company is 2,500,000,000 including treasury shares.
    [Show full text]
  • Danish Subsidiaries in Argentina Royal Danish Embassy, Buenos Aires
    DANISH SUBSIDIARIES IN ARGENTINA ROYAL DANISH EMBASSY, BUENOS AIRES Date April 2017 Table of Contents APM Terminals (Terminal 4) ........................................................................................ 3 Arla Foods Ingredients S.A. ........................................................................................... 3 Essentia Argentina S.A. .................................................................................................. 3 Chr. Hansen Argentina S.A.I.C .................................................................................... 4 Coloplast de Argentina .................................................................................................... 4 DAMCO ARGENTINA S.A. ........................................................................................ 4 Danfoss Argentina S.A. ................................................................................................... 5 DSV Air & SEA S.A. ......................................................................................................... 5 ESS-FOOD Argentina ..................................................................................................... 5 Exem Trading S.R.L. (Lego Distr.) ............................................................................ 6 Ferring Argentina S.A. .................................................................................................... 6 Foss S.A. .............................................................................................................................
    [Show full text]
  • Reporter's Handbook
    2O14 RE POR TER’ S HANDBOOK for the biopharmaceutical research industry Member Companies 1 Research Associates 2 U.S. Health-Related Trade and Professional Organizations 3 Government Medical and Health Contacts 4 Voluntary Health Agencies 5 International Pharmaceutical Associations/Health Care Groups 6 Key Facts/About PhRMA 7 Company Products by Category 8 Member Companies 1 Member Companies Abbott Dept 383, AP6D 100 Abbott Park Road Abbott Park, IL 60064-3500 Phone: (847) 937-6100 Fax: (847) 937-1511 Website: www.abbott.com Melissa Brotz, Corporate Public Affairs Office: (847) 935-3456 E-Mail: [email protected] Kelly Morrison, Corporate Public Affairs, Science/Policy Office: (847) 937-3802 E-Mail: [email protected] Scott Stoffel, Corporate Public Affairs, Financial Office: (847) 936-9502 E-Mail: [email protected] Steve Chesterman, Medical Optics Office: (714) 247-8711 E-Mail: [email protected] Jonathon Hamilton, Vascular Devices 3200 Lakeside Drive, Suite 355 Santa Clara, CA 95054 Office: (408) 845-3491 E-Mail: [email protected] AbbVie 1 North Waukegan Road North Chicago, IL 60064 Phone: (847) 932-7900 Website: www.abbvie.com Gulden Mesara, Vice President, Global Commercial and Health Communications Office: (847) 938-2804 E-Mail: [email protected] Angela Sekston, Vice President, Leadership and Employee Communications Office: (847) 937-6636 E-Mail: [email protected] Morry Smulevitz, Head of U.S. Public Affairs Office: (847) 937-2152 E-Mail: [email protected] 1-1
    [Show full text]
  • Social Activity and Investors' Attention on Facebook
    Social activity and Investors’ attention on Facebook - A study exploring the relationship with stock returns Master’s Thesis For the attainment of Master of Science in Economics and Business Administration Applied Economics and Finance at Copenhagen Business School 2015 Authors: Lorenzo Bertolino Stefan Stronciu Supervisors: Ravi Vatrapu, Associate Professor Department of IT management Copenhagen Business School Lisbeth La Cour, Associate Professor Department of Economics Copenhagen Business School Hand-in date: 18th of December 2015 No. of pages: 78 No. of characters (incl. spaces):129’567 Abstract This thesis explores the role of social activity on corporate Facebook fan pages as a proxy for investors’ attention and its relationship with stock returns. Previous researches (Odean, 1999, 2008) proved that non-institutional investors tend to buy stocks that recently grabbed their attention. Starting from this concept we test if the amount of social attention directed toward a certain company is capable of affecting the market behavior of all the actors that trade its stock, that is, if it affects the stock returns of the specific company. Following the aforementioned researches we then narrow our focus on periods of abnormally high social activity and test if this positively impacts the net buying behavior of the market actors and consequently the stock returns. The focus will be on ten of the twenty companies included in the OMXC20 and their respective corporate Facebook fan page. We download from the latter the amounts of Posts, Comments and Likes that have been performed on a daily basis and by using a multiple distributed lag model, in which we also include economic and financial control variables, we try to disclose the existence of any relationship with the stock returns.
    [Show full text]
  • INSULIN-CONTAINING PRODUCTS from NOVO NORDISK Storage, and Savings Information
    Please see the following pages for Tresiba®, ® ® Xultophy 100/3.6, and Fiasp Dosing, 1 INSULIN-CONTAINING PRODUCTS FROM NOVO NORDISK Storage, and Savings Information. BASAL 100 units/mL; total of 200 units/mL; total of 100 units/mL; total of 300 units/pen; 5-pen pack1 600 units/pen; 3-pen pack1 1000 units/vial; 1 vial/pack1 NDC: 0169-2660-15 NDC: 0169-2550-13 NDC: 0169-2662-11 100 units/mL insulin degludec and 3.6 mg/mL liraglutide; total of 300 units insulin degludec and 10.8 mg liraglutide; 5-pen pack2 NDC: 0169-2911-15 BASAL/GLP-1 RA Approved for use in pumps3 Refer to the insulin infusion pump user manual to see if Fiasp® can be used. Use in accordance with the insulin pump’s Instructions for Use. 100 units/mL; total of 300 units; 100 units/mL; total of 100 units/mL; total of PRANDIAL 5-pen pack3 300 units/pen; 5-cartridge pack3 1000 units/vial; 1 vial/pack3 NDC: 0169-3204-15 NDC: 0169-3205-15 NDC: 0169-3201-11 GLP-1 RA=glucagon-like peptide-1 receptor agonist. Tresiba® Indications and Usage Xultophy® 100/3.6 Indications and Xultophy® 100/3.6 Important Safety Fiasp® Indications and Usage Tresiba® (insulin degludec injection) is indicated to Limitations of Use Information Fiasp® (insulin aspart injection) 100 U/mL is a improve glycemic control in patients 1 year of age and Xultophy® 100/3.6 (insulin degludec and liraglutide injection) rapid-acting insulin analog indicated to improve older with diabetes mellitus. WARNING: RISK OF THYROID C-CELL TUMORS 100 units/mL and 3.6 mg/mL is a combination of insulin ® glycemic control in adult and pediatric patients with degludec and liraglutide and is indicated as an adjunct to diet • Liraglutide, one of the components of Xultophy 100/3.6, causes dose-dependent and treatment-duration-dependent thyroid diabetes mellitus.
    [Show full text]
  • Novo Nordisk
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20- F (Mark One) REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2016 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 333- 82318 NOVO NORDISK A/S (Exact name of Registrant as specified in its charter) Not applicable The Kingdom of Denmark (Translation of Registrant’s name into English) (Jurisdiction of incorporation or organization Novo Allé DK- 2880 Bagsværd Denmark (Address of principal executive offices) Jesper Brandgaard Executive Vice President and Chief Financial Officer Tel: +45 4444 8888 E- mail: [email protected] Novo Allé, DK- 2880 Bagsværd, Denmark (Name, Telephone, E- mail and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class: Name of each exchange on which registered: B shares, nominal value DKK 0.20 each New York Stock Exchange* American Depositary Receipts, New York Stock Exchange each representing one B share * Not for trading, but only in connection with the registration of American Depositary Receipts, pursuant to the requirements of the Securities and Exchange Commission. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report: A shares, nominal value DKK 0.20 each: 537,436,000 B shares, nominal value DKK 0.20 each: 2,012,564,000 Indicate by check mark if the registrant is a well- known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Annual Report 2019 (PDF)
    Novo Nordisk Annual Report 2019 ROSHNI Roshni has type 1 diabetes and lives in India Contents Management review Consolidated statements Introducing Novo Nordisk Consolidated financial statements 01 Letter from the Chair 42 Income statement 02 Letter from the CEO 43 Cash flow statement 04 Novo Nordisk at a glance 44 Balance sheet 06 Performance highlights 45 Equity statement 46 Notes to the consolidated financial statements Our business Consolidated social statement 08 Leading a sustainable business (Supplementary information) 11 Innovative treatments and solutions for unmet needs 14 Pipeline overview 78 Statement of social performance 16 International Operations: Building a sustainable 78 Notes to the consolidated social statement platform for accelerated growth 18 North America Operations: Ready for growth in a challenging business environment Consolidated environmental statement 20 2019 performance and 2020 outlook (Supplementary information) 84 Statement of environmental performance Governance 84 Notes to the consolidated environmental statement 29 Managing risks to protect value 32 Shares and capital structure Additional information 34 Corporate governance 38 Board of Directors 87 Management´s statement and Auditor´s reports 40 Executive management 91 More information 92 Product overview Roshni lives in India, and loves her school. She is 12 years old and wants to become a doctor. Roshni was diagnosed with type 1 diabetes at the age of four. The first few months were tough. It was hard to get the blood sugar levels right. Then she was referred to a hospital and enrolled in Novo Nordisk’s Changing Diabetes in Children programme, which offers free insulin, help on managing diabetes and support for her and her family.
    [Show full text]
  • Danmarks Nationalbank
    STATISTI CS DANMARKS NATIONALBANK 26 JULY 2019 PORTFOLIO INVESTMENTS, JUNE 2019 Foreign investors buy Danish shares in the first half of 2019 Foreign investors have bought listed Danish shares sold some Danish shares, including Danske Bank, for kr. 4.3 billion in the first half of 2019. Foreign in- William Demant and ISS. vestors own a total of kr. 1,345 billion Danish shares corresponding to an ownership of 52 per cent of the Novo Nordisk is foreign investor's favorite share Danish stock market. Foreign investors have owned Foreign investors own entire kr. 458 billion of the more than half of Danish shares since the beginning Danish Novo Nordisk B share. The share thus of 2014. amounts to 34 per cent of their total holdings of Dan- ish shares. Next, foreign investors have the largest It is especially shares in the large Danish companies holdings of shares in DSV, Ørsted and Vestas, which such as Novo Nordisk B, A. P. Møller - Mærsk, Ves- they own respectively own kr. 84, 79 and 78 billion of. tas, Genmab and DSV the foreign investors have The four largest shares thus constitute more than half pur-chased. However, foreign investors have also of foreign investors' portfolio of Danish shares. The Novo Nordisk share is also the most popular Dan- ish share with the Danish investors. They own a total Foreign investors have bought for kr. 4.3 billion of kr. 164 billion thereof. However, the share amounts Danish listed shares in 2019 to only 13 per cent of Danish investors' portfolio of Danish shares, which amounts to kr.
    [Show full text]
  • Creating Shared Value Through Socially Responsible Initiatives in the United States
    The Blueprint for TheChange Blueprint Program for Change Program January 2012 03 January 2012 Creating shared value through socially responsible initiatives in the United States We believe that a healthy economy, environment, and society are fundamental to long-term business growth. This is why we manage our business in accordance with the Triple Bottom Line principle and pursue business solutions that maximize value to business and society. This report details how this principle has contributed to our success in the United States. DOLORES REISNER USADOLORES REISNER USADolores has type 2 diabetes Dolores has type 2 diabetes v creating shared value in the United States v creating shared value in the United States 2 Contents Creating shared value 3 The Blueprint for Change Program The Blueprint for Change Program contents creating shared value If we… We seek to The Triple Bottom Line: Creating shared value 3 address barriers to high-quality care for patients change diabetes A commitment to sustainable and those at risk of type 2 diabetes… and establish our growth have a positive societal impact in the communities presence in a Corporate social responsibility Our approach 4 we call home… holistic way, What is shared value? is not only a moral decision. partner with our stakeholders to help them reach addressing Put quite simply, shared value means what is good Evidence now shows that socially The challenge 6 their goals… patient, societal, for patients, our employees, and our communities responsible activities can help and stakeholder is
    [Show full text]
  • Portfolio Holdings Listing Fidelity Nordic Fund As of June 30, 2021
    Portfolio Holdings Listing Fidelity Nordic Fund DUMMY as of July 30, 2021 The portfolio holdings listing (listing) provides information on a fund’s investments as of the date indicated. Top 10 holdings information (top 10 holdings) is also provided for certain equity and high income funds. The listing and top 10 holdings are not part of a fund’s annual/semiannual report or Form N-Q and have not been audited. The information provided in this listing and top 10 holdings may differ from a fund’s holdings disclosed in its annual/semiannual report and Form N-Q as follows, where applicable: With certain exceptions, the listing and top 10 holdings provide information on the direct holdings of a fund as well as a fund’s pro rata share of any securities and other investments held indirectly through investment in underlying non- money market Fidelity Central Funds. A fund’s pro rata share of the underlying holdings of any investment in high income and floating rate central funds is provided at a fund’s fiscal quarter end. For certain funds, direct holdings in high income or convertible securities are presented at a fund’s fiscal quarter end and are presented collectively for other periods. For the annual/semiannual report, a fund’s investments include trades executed through the end of the last business day of the period. This listing and the top 10 holdings include trades executed through the end of the prior business day. The listing includes any investment in derivative instruments, and excludes the value of any cash collateral held for securities on loan and a fund’s net other assets.
    [Show full text]