Elekta (Buy, TP: SEK150.00) - All eyes on Unity
We expect Unity order intake to be the key factor for the share price following the Q3 results (due at 07:30 CET on 22 February). We are slightly above consensus for the quarter (c2% above revenues, c3% above order intake and c5% above EBITA). For Q3, we expect Elekta to report seven Unity orders (of which four were announced with the Q2 report and three additional orders). We have adjusted our forecasts for this and have increased our target price to SEK150 (SEK135). We reiterate our BUY recommendation.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.
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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