Ambu (Buy, TP: DKK120.00) - Legacy shakeup takes the stage
While having preannounced in July, Ambu’s detailed Q3 surprised negatively due to the still-wide guidance implied for Q4 and the shakeup of its legacy business. We, however, remain confident in the underlying momentum of the important endoscopy business, but acknowledge that group top-line growth is likely to see a short-term setback from changes to the legacy business, even though it should help profitability. We reiterate our BUY, but have cut our target price to DKK120 (135).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.
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