Coloplast (Hold, TP: DKK860.00) - Early launch of Luja
Organic growth of c7% YOY and an EBIT margin of 29.1% despite an FX headwind illustrated a strong start to the year in a quarter that management flagged would be the toughest in 2022/23. We forecast higher organic growth in the coming quarters, and see Coloplast reaching the very top end of its guidance. An early launch of Luja is also positive, albeit with a limited impact on 2022/23 financials. We reiterate our HOLD but have raised our target price to DKK860 (850).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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