MEDARTIS: What’s Next(remity)? Increase TP to CHF175 | BUY Top Picks | CHF175 VS. CHF155 (+28%)
MEDARTIS - BUY Top Picks | CHF175 VS. CHF155 (+28%)What’s Next(remity)? Increase TP to CHF175
We increase our TP to CHF175 from CHF155, keep our BUY and retain Medartis on our Top Picks list as we believe the Nextremity acquisition is on a ‘21e-‘25e basis highly accretive (see next page). Furthermore, we believe guidance of ~20% CER growth and ~18% (ex.- Nextremity; 12%-13% inc.) underlying EBITDA margins are attainable, which has been reinforced on the NDRs we have had with management this week. We believe trends (post-COVID trauma/elective surgeries/ inflation) are all largely supportive for Medartis.
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