Ambu (Buy, TP: DKK310.00) - Q3 and new guidance miss
Organic growth of 17% was above consensus of c16%, while the 22.4% EBIT margin was a miss (consensus 24.1%). The top-line beat somewhat driven by legacy division, Anaesthesia (10% organic growth versus our estimate of 3%), while sales of endoscopes of 146k were below expectations (consensus 153.7k). The weaker than expected margin was mainly driven by costs for US expansion and new GI scopes, and would otherwise have been 25.4%. FY guidance increased for organic growth, endoscope units and EBIT margin, but slightly shy of consensus. We see consensus estimates coming down 1–2% on the new guidance.
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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