Coloplast (Hold, TP: DKK850.00) - EBIT margin likely below Strive25
We expect Coloplast to achieve its 2021/22 guidance, and forecast Q4 organic growth of 5.8% and an EBIT margin before special items of 29.9%. Our focus is on the 2022/23 guidance, where we expect 7–8% organic growth and an EBIT margin of c29%. We reiterate our HOLD but have cut our target price to DKK850 (900) on higher interest rates and greater macro uncertainty.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.
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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