CSAM Health (Buy, TP: NOK53.00) - Delays in cost reductions
Q2 organic growth was a solid c11% YOY (constant currency), in line with our estimate, but above its guidance of 5–10%. However, EBITDA missed our estimate, due to slower than expected cost reductions. We continue to expect strong organic growth and increased profitability 2023-2025e, and reiterate our BUY, but have cut our target price to NOK53 (55) on somewhat higher opex estimates from delayed cost reductions.
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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