Getinge (Hold, TP: SEK190.00) - Covid-19 to hit Q2
We believe the Q2 report will be worse than initially expected, due mainly to the large number of elective procedures cancelled and thus lower sales of consumables (results due at 08:00 CET on 16 July). Hardware sales should be solid but these are generally low-margin products. We believe Q3 will be stronger than normal, due to the time it takes to ramp up production of intensive care products. We reiterate our HOLD but have trimmed our target price to SEK190 (SEK195).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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