Ambu (Buy, TP: DKK222.00) - Unexpectedly turbulent quarter
Ambu’s Q3 top line and new guidance were surprisingly weak, but mainly driven by the legacy business. However, the important Visualisation business surprised positively, pointing to sustainably higher post-Covid-19 market share. Geographical discrepancies raise the question of greater competition in the US, but regional Covid-19 guidelines are likely the main reason. GI product portfolio delays and new guidance have led us to lower our target price to DKK222 (234), but we reiterate our BUY.
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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