Getinge (Buy, TP: SEK295.00) - Strong start to the year
Q1 brought a solid earnings beat, and supply issues seem to be easing, while we believe underlying procedure volumes are increasing. However, Getinge was still cautious on Q2, but more positive on H2. We believe demand is normalising faster than previously expected, and that cost and price initiatives are starting to bear fruit. We have upgraded Getinge to BUY (HOLD) and raised our target price to SEK295 (245).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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