Coloplast (Hold, TP: DKK950.00) - Focus on the 2024/25 guidance
We expect Coloplast to reach its 2023/24 guidance, with Q4 organic revenue growth of 8.0% driven by the Chronic Care segment, and an EBIT margin before special items of 27.6% (consensus 27.5%). We look for 2024/25 guidance of 8–9% organic revenue growth and a 28–29% EBIT margin. The LCD policy decision is due at end-2024 (we assume the inclusion of Kerecis). We reiterate our HOLD, but have cut our target price to DKK950 (1,000).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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