Ambu (Buy, TP: DKK145.00) - Q4 focus: Pulmonary and guidance
We believe Ambu will report a stronger Q4 than expected by consensus, but ultimately expect focus to be on the Pulmonary growth momentum in the quarter as well as the 2024/25 guidance. We look for guidance of at least 10–13% organic growth, with consensus at the high end, but which we view as probably conservative. We reiterate our BUY and DKK145 target price.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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