Coloplast (Hold, TP: DKK930.00) - EBIT margin uncertainty persists
Coloplast missed its guidance for full-year organic growth, but met the low end for the EBIT margin before special items. The 2024/25 guidance is for 8–9% organic growth and a c28% EBIT margin (consensus 28.4%). Returning to the 30%+ guided beyond Strive25 hinges on external factors. We assume the inclusion of Kerecis in the LCD policy (decision due at end-2024e), and reiterate our BUY, but have cut our target price to DKK930 (950).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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