Getinge (Hold, TP: SEK200.00) - Strong Q3 expected
We expect strong Q3 earnings, driven by Covid-19-related deliveries of ventilators and the return of some delayed elective surgical procedures (results due at 08:00 CET on 16 October). Getinge has announced no ventilator order cancellations (unlike several peers). Q3 should be the largest shipment quarter for ventilators, and sales should see a positive geographical mix (more US sales than in previous quarters). We reiterate our HOLD and SEK200 target price.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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