Coloplast (Hold, TP: DKK850.00) - Still too early to raise guidance
We estimate Q1 organic growth of 6.3% YOY (consensus: 6.2%) and are c0.5% below consensus for EBIT before special items. While we believe it is too early to raise the guidance for organic revenue growth and EBIT margin before special items, we expect Coloplast to lower its reported revenue growth guidance to 8–10% due to FX. We reiterate our HOLD and target price DKK850.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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