Ambu (Buy, TP: DKK180.00) - Strong growth triggers guidance lift
Strong growth triggers guidance lift Ambu reported a stronger than expected top line, with sales of endoscopes c13% above our expectations and Anaesthesia is back on track with c8% organic growth. The EBIT margin of 24.0% was also better than expected (we estimated c21.3%), driven by still-strong scale benefits. Based strong growth YTD, Ambu has raised its FY organic growth guidance to c14–15%, while the EBIT margin was unchanged. We expect consensus EPS to come up by 1–2% based on the raised guidance, and that we could see a positive share price reaction of 5%+.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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