Report
Rune Majlund Dahl
EUR 88.68 For Business Accounts Only

Coloplast (Buy, TP: DKK900.00) - Soft 2023/24 guidance

While the 2023/24 organic revenue growth guidance of c8% is broadly in line with consensus of 8.3%, the EBIT margin guidance of 27–28% is below consensus of 28.3%. However, for the rest of Coloplast’s Strive25 strategy period, we expect YOY organic revenue growth and margin improvements, supported by launches of new products, including Heylo, which is set for H1 2023/24. We reiterate our BUY but have cut our target price to DKK900 (940).
Underlying
Coloplast A/S Class B

Coloplast is a supplier of intimate healthcare products and services. Co. develops and markets products that support people with diseases of a private nature. Co. operates in three business areas: Ostomy care, products for people whose intestinal outlet has been rerouted through the abdominal wall; Urology and continence care products, for people suffering from diseases of the kidneys, the urinary system and the male reproductive system; Dressings, for the treatment of chronic wounds and skin care products for prevention and treatment. Co. markets and sells its products and services globally. Co. supplies products to hospitals, institutions as well as wholesalers and retailers.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Rune Majlund Dahl

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