Ambu (Buy, TP: DKK270.00) - CMD: growth to reach new heights
The medium-term outlook remains clear and impressive, as seen in Ambu’s new 2020 targets of 18–23% organic top-line growth and a 26–28% EBIT margin (+700bp), implying a 35% EPS CAGR. The CMD did not give as much visibility post-2020 as expected, and we learned its duodenoscope would not reach the market before Boston Scientific’s Exalt product. We have cut our target price to DKK270 (310), but we reiterate our BUY as we still see transformational potential.
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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