Ambu (Hold, TP: DKK85.00) - No drama, but uncertainty remains
Following the profit warning in early August, there were no negative surprises with yesterday’s detailed Q3 results, to investors’ relief. However, we noted the CFO’s comment on the conference call for flat FCF next year, which could suggest substantial downside to the consensus EBIT margin for 2022/23. In general, we believe uncertainty remains high, especially ahead the strategy update expected with the Q4 results. We thus reiterate our HOLD and DKK85 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.
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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