Medartis | NEUTRAL Coverage initiated, CHF67 | Design drives demand
Medartis, a Swiss Medtech company, is a pure player in the trauma market, exclusively focused on extremities and craniomaxillofacial (CMF) fractures. The company has developed high quality, unique and differentiated products that feature improved ease-of-use enabling better patient outcomes. Continued commercial roll-out of the group’s product portfolio should generate a 2017-2022e CAGR in sales of 17%. Continuous innovation with the launch of new products and expansion of the KOL network should fuel long-term growth. Following the company’s successful CHF142.6m IPO on the SIX Swiss Exchange and subsequent 45% run in the share price, we initiate coverage with a Neutral rating and CHF67 fair value.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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