Synektik: healthcare play, with multiple tailwinds (BUY - initiation of coverage)
We initiate coverage of Synektik, which distributes and services medical equipment, and manufactures radiopharmaceuticals, with a BUY and a price target (PT) of PLN 357/share. We see a strong demographic tailwind for the business, as well mid- and long-term demand for replacement systems, including its main product, Intuitive’s Da Vinci surgical robots. The FY25E results should be extraordinarily strong, but Synektik should still generate a mid-teens FY24-FY27E earnings CAGR, with upside, should it meet with success in Ukraine, on our estimates.Synektik SA is a Poland-based company active in the medical sector. It produces PACS software which allows running a diagnostic imaging laboratory. It runs a research laboratory which performs acceptance and specialist tests of X-ray equipment. The Company sells medical equipment and operates a services center for imaging equipment. Synektik SA is a partner of Siemens. On November 28, 2013, the Company raised its stake in Miedzynarodowe Centra Medyczne Inwestycje Sp z o o to 100%.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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