Ambu (Buy, TP: DKK160.00) - Still scope for more
Ambu reported a weaker than expected Q1 top line and earnings, mainly resulting from FX, timing issues, and the US tax reform. Underlying, the performance was in line with our expectations of continued strong growth in the Visualisation business (58% local currency growth). The 380bp margin expansion of (c250bp beat) was a positive surprise, and also drove the raised guidance. BUY and DKK160 target price reiterated.
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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