Report
Jesper Ingildsen
EUR 92.48 For Business Accounts Only

Ambu (Buy, TP: DKK110.00) - Likely conservative 2023/24 outlook

Having pre-released Q4 headline numbers, we expect focus to be on 2023/24 guidance with the detailed results (due at 07:00 CET on 8 November). We expect an initial guidance of 7–11% organic growth and a 7–10% EBIT margin, with consensus probably at the high end, but this is likely to be conservative with detailed Q4 numbers probably supportive of this. We reiterate our BUY, but have cut our target price to DKK110 (120).
Underlying
Ambu A/S Class B

Ambu develops, produces and markets diagnostic and life-supporting devices. Co. has three business areas: Airway Management; Patient Monitoring & Diagnostics; and Emergency Care. Co.'s Airway Management products include laryngeal masks, face masks for artificial ventilation and scopes. The target groups for these products are hospitals and ambulance services. The Patient Monitoring & Diagnostics products comprise single-use electrodes for neurological and cardiological examinations. The target groups for these products are hospitals, clinics, ambulance services and sleep labs. The Emergency Care products comprise ventilation bags, neck collars and manikins for first-aid training.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Jesper Ingildsen

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