Ambu (Buy, TP: DKK140.00) - Solid guidance considering soft Q4
We view the 2024/25 guidance as solid given the Q4 miss and management’s conservative tendency. Pulmonology growth might be below our forecast for 2024/25, but the strong momentum in the rest of Endoscopy should make up for it. We view the investment case as intact, and thus reiterate our BUY, but have cut our target price to DKK140 (145) on the Q4 margin miss.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.
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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