Getinge AB: 1 director

A director at Getinge AB bought 20,000 shares at 179.780SEK and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board ...

Getinge (Buy, TP: SEK245.00) - Soft earnings, but strong orders

Earnings were softer than expected in Q3, but order intake was c3% above expectations with organic growth of c7.4% YOY. Sales were flat YOY. Q4 should see a lot of deliveries (as is typical), but this should already be priced in. We reiterate our BUY but have trimmed our target price to SEK245 (250).

Cautious margin outlook mid-term

Electrolux Professional (Hold, TP: SEK75.00) - Q4 looks set to be a repeat of Q3

We expect broadly similar market and divisional dynamics QOQ in Q4, but are less optimistic on growth in the US Food & Beverage segment (we now see the recovery materialising slightly later than initially envisaged). We forecast 6.0% growth YOY in group sales in Q4 and an adj. EBITA margin of 12.3%. We reiterate our HOLD, but have lowered our target price to SEK75 (79) based on our view of a delayed US Food & Beverage recovery as well as continued headwinds in the Middle East into 2025.

Electrolux (Hold, TP: SEK92.00) - Uncertainty remains high

In Q4, we forecast similar demand and market dynamics to Q3, with consumer downtrading, elevated promotional activity, a negative mix, price pressure, and weak consumer demand weighing on sales and EBIT. We expect a sales decline of 1.6% YOY (organic growth of 2.6%) and an adj. EBIT margin of 3.2%. We reiterate our HOLD, but have cut our target price to SEK92 (94).

Novo Nordisk (Buy, TP: DKK1040.00) - Disappointing CagriSema data

In REDEFINE-1, CagriSema reached a 22.7% product estimand weight loss, shy of expectations. We expect a launch in 2026, but have lowered our estimate of its sales potential. In our view, the flexible protocol affected efficacy, prompting Novo Nordisk to initiate a new phase III trial in 2025. We reiterate our BUY, but have cut our target price to DKK1,040 (1,150).