Ambu (Buy, TP: DKK270.00) - Q4 miss but estimates only trimmed
Q4 Visualisation revenue was the main top-line disappointment, albeit mainly related to an adverse mix. Underlying endoscope units were up 43% YOY, only c1% below expectations. Ambu is thus still on track to capture c20% of the pulmonary market by 2020 (c11% today). The flat gross margin also seems mix related, and ultimately the reason for the EBIT miss. We have only tweaked our estimates on the unchanged 2018/19 guidance. We reiterate our BUY and DKK270 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.