Arjo (Hold, TP: SEK43.00) - Uneventful Q4 report
Q4 earnings had been pre-announced when Arjo informed the market of the change of CEO (mid-January); overall, sales and margins were stronger than had been expected pre-announcement. While there is still some investor uncertainty about certain European markets, management believes healthcare budget and demand issues should be resolved in 2025. We reiterate our HOLD, but have raised our 2025–2027e earnings, and in turn our target price to SEK43 (37).Co. is the parent company of a group engaged in the development, manufacture, marketing, and sale of hygiene systems and patient handling equipment. Co.'s operations are divided into three divisions. The Hygiene Systems division is engaged in the manufacture of bathing systems, sit-baths, shower cabinets, shower trolleys, and integrating hygiene lifters. The Patient-Handling Products division is engaged in the manufacture of equipment for lifting and transferring elderly and disabled people. The Other Products division is engaged in the provision of installation and maintenance service; the sale of spare parts; and the production of therapy tanks, pool lifts, hydrotherapy pools, bath oils, shampoos, and disinfecting agents.
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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