Coloplast (Sell, TP: DKK900.00) - Potential below long-term ambition
Despite the guidance of c7%, 2021/22 organic revenue growth could be as low as 6.5% and, hence, below Coloplast’s long-term ambition of 7–9%. The reported EBIT margin guidance of c32% is in line with our forecast. We expect 2021/22 to be back-end loaded with a slower-than-expected recovery in China and in the US continence care market, which suggests low growth in H1. We reiterate our SELL and DKK900 target price.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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