Ambu (Sell, TP: DKK281.00) - Strong Q1, but not strong enough
Ambu’s Q1 was much stronger than expected, driven mainly by a one-off order from the NHS due to Covid-19. This order had been part of the full-year guidance, which is why the guidance was not raised despite the solid beat. However, we had not factored in this order, which could prove critical to reaching the ambition, with the coming quarters set for volatility given very tough comparables. We have lifted our target price to DKK281 (262) but downgraded to SELL (HOLD).
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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