Ambu (Buy, TP: DKK145.00) - Growth outlook still looks solid
Ambu pre-released headline Q3 figures and raised its full-year guidance back in July, so focus with the full Q3 results was on the apparent Pulmonary endoscopy sales miss, raising concerns about growth for 2024/25 onwards. However, we see only minor changes to the growth outlook and believe the share price reaction was overdone. We reiterate our BUY and have raised our target price to DKK145 (138).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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