Medistim (Hold, TP: NOK79.00) - Soft Q1 on FX and volatile regions
The Q1 results missed our forecasts and (the limited) consensus, with underlying growth in the US and Europe not enough to offset FX headwinds and weaker revenues in Asia and ROW. We have cut our 2018e EPS by c10% and 2019e by c3%. We maintain our HOLD recommendation reiterated but have lowered our target price to NOK79 (84).Medistim is engaged in the developing, producing, service, leasing and distribution of medical devices. Co. develops, manufactures and brings to market the quality assessment systems VeriQ™ and VeriQ C™ for cardiac, vascular and transplant surgery. In addition, Co. is a distributor of other medical devices through its subsidiaries: Medistim Norge AS, Medistim Danmark Aps and Medistim Deutschland GmbH. The products distributed are mainly medical devices within all types of surgery.Minus income tax paidInbound VAT receivable
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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