Ambu (Buy, TP: DKK250.00) - Weak Q1 and Omicron uncertainty
Due to tough comparables from last year’s large NHS order and supply chain issues, we expect Ambu to report a weak start to 2021/22 (in line with consensus). The emergence of Omicron probably pulls the divisions in different directions, which, together with pipeline delays, could affect the full-year outlook. We have cut our target price to DKK250 (269), but reiterate our BUY.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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