Elekta (Buy, TP: SEK130.00) - Waiting for Unity
Elekta is due to report Q4 2017/18 results on 1 June at 07:30 CET. We expect the company to report good quarterly results, in line with its guidance of an adj. EBITDA margin of “around 19%†for the full year. However, focus will be on the upcoming Unity approval in Europe guided for June 2018. At the end of the quarter, the company had orders of at least 26 Unity systems (after the 5-system order received from the UK earlier in Q4). We reiterate our BUY recommendation and have raised our target price to SEK130 (SEK100) based on higher longer-term Unity forecasts.Elekta AB is a human care company providing clinical solutions for treating cancer and brain disorders. Co. develops tools and treatment planning systems for radiation therapy including brachytherapy and radiosurgery, as well as workflow improving software systems across the field of cancer care. Co. has four product areas: Elekta Neuroscience, which develops solutions for the diagnosis and treatment of neurological diseases; Elekta Oncology, which develops clinical solutions for radiation therapy, imaging systems and clinical solutions for patient positioning and immobilization; Elekta Brachytherapy, which is engaged in cancer treatment based on internal radiation; and Elekta Software.
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