Ambu (Buy, TP: DKK145.00) -
Soft Q3e should be well flagged We expect a soft Q3 (due at 08:00 CET on 22 August), which has been well flagged by the revised guidance in June, and is mainly driven by the fluctuations in the less-important core business and one-offs. We expect the Visualisation business to be on track, with the ENT launch set to boost the Q4 results, and thus expect Ambu to maintain its revised FY 2018/19 guidance. We reiterate our BUY and DKK145 target price
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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