Ambu (Buy, TP: DKK216.00) - Covid-19 triggers guidance increase
Ambu yesterday lifted its 2019/20 organic growth guidance to 26–30% (16–22%) on higher demand for its single-use bronchoscope on the back of Covid-19, but suspended its EBIT margin guidance as we believe it is likely to bring forward investments. We view the new top-line guidance as conservative, and while it is one-off in nature it is likely to support broader adoption of its disposable technology longer-term. We reiterate our BUY and have raised our target price to DKK216 (196).
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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