Ambu (Buy, TP: DKK222.00) - Duodenoscope study back on track
The Q4 results were a little on the soft side, with sales slightly better due to the legacy portfolio and profitability slightly weaker due to product mix. The 2020/21 top-line guidance was largely in line with consensus, while the EBIT margin guidance and CEO comments suggest investments are slowing. We view the updated clinical study timeline for the duodensocope yesterday’s key positive. We reiterate our BUY and DKK222 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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