Getinge (Buy, TP: SEK115.00) - Healthy earnings beat
Getinge’s EBITA beat our forecast and consensus by c9% in Q4 2018. The beat was driven by better gross margin than expected and growth in operating expenses being kept at bay. We still believe it will take a while before the company is out of the woods completely but at the same time believe the outlook is better than it has been in a long time. We have upgraded the shares to BUY (HOLD); our new target price, at SEK115 (SEK85), has been adjusted to reflect a more optimistic margin forecast.Getinge is engaged in three business areas: Medical Systems, Extended Care and Infection Control. Medical System's product range includes surgical tables, surgical lamps, telemedicine, perfusion products, instruments for bypass operations, ventilators, anesthesia systems, synthetic vascular implants and stents. Extended Care's product range includes bathing and shower solutions, lifting equipment and mattresses for the treatment and prevention of pressure ulcers, as well as service and consulting. Infection Control's product range comprises disinfectors, sterilizers, information technology systems and related equipment, as well as service and consulting.
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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