Report

H1 18: not so bad after all (DMS)

H1 18: not so bad after all

TARGET CHANGE

CHANGE IN TARGET PRICE€ 1.30 vs 1.29 +0.88%
Our opinion has turned to a "Buy" despite the fact our target price has not materially changed after the release of the H1 18 results. This is due to the fact the stock price has collapsed after the release of very weak top-line numbers (end of August). That said, the favourable mix has enabled the group to save results and it seems to be in line with our previous forecasts for FY18 and beyond.
Underlying
Diagnostic Medical Systems

DIAGNOSTIC MEDICAL SYSTEMS SA, (formerly known as DMS), is a France-based company, which together with its subsidiaries, designs, produces and markets medical imagery devices dedicated to conventional and digital radiology as well as bone densitometry. The Company manufactures a range of products for bone densitometry examination, including the ultrasound imaging system UBIS 5000, Challenger Envision, Stratos dR and Stratos. In the radiology sector, its products include Baccara dRF 43, EOL, Platinum and Da Vinci solutions, among others. In addition, it offers such products as scanners, transcranial Doppler, and Giotto Image mammography system. The Company operates several direct subsidiaries, AXS Medical, Apelem SAS, which manufactures radiology equipment, Medilink SARL, which produces Doppler and bone densitometry devices, Apelem SA, based in Spain, Alpha MOS based in France and one indirect subsidiary, SA Apelem and one indirect affiliated company, Spectrap.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Fabrice Farigoule

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