Getinge (Hold, TP: SEK195.00) - Covid-19 driving 2020e earnings
Getinge’s Q1 earnings had been pre-announced, hence the numbers per se were of less significance. More important were the comments regarding the rest of 2020. We still believe the market is to some extent underestimating the potential negative impact the Covid-19 pandemic might have on operations outside of ACT – the latter is benefiting significantly from the increased demand for ventilators and cardiopulmonary equipment but other divisions should see a sharp drop in demand. We reiterate our HOLD but have cut our target price to SEK195 (201) following the Q1 results.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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