Medistim (Buy, TP: NOK190.00) - Record-high quarterly sales
Revenues of NOK144.9m were a quarterly record-high, up 5.5% YOY (currency-neutral sales +4.1%) and above our NOK135m estimate. The EBIT margin (28.5%) expanded further from its low in Q4 2023 (16.4%) and, while we believe it will continue to ‘normalise’, the company’s ‘going direct’ efforts will likely prevent it from rising significantly short-term. However, we believe these efforts are moving in the right direction, validating the strategy. We have upgraded to BUY (HOLD) but we reiterate our NOK190 target price.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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