Getinge (Hold, TP: SEK85.00) - Limited news at CMD
Getinge hosted a CMD on 21 November. In our view, there was limited news presented at this event. It reiterated its financial guidance of 2–4% organic growth, >10% growth in EPS and its dividend policy of 30–50% of net income. The company did not give any additional information on the mesh issue or any timelines for when we should see margins recover. It was clear that a rights issue will not be necessary to strengthen the balance sheet. We reiterate our HOLD and SEK85 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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