DnB Markets - Medistim ASA (MEDIO) Medistim (Buy, TP: NOK290.00) - Another all-time high sales result

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DnB Markets

Geir Hiller Holom

EUR 95.03 For Business Accounts Only

Medistim (Buy, TP: NOK290.00) - Another all-time high sales result

Medistim reported another all-time high revenue for a quarter of cNOK117m. However, revenue growth was now slowing down, with c7% growth YOY. The sales growth was driven by the USA, with a currency-neutral sales increase of c28%. Following adjustments of sales estimates, we have lowered our target price to NOK290 (300), but upgraded to BUY (HOLD).

24/08/2022 1 EN

Underlying

Medistim ASA

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

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NO0010159684 Oslo Bors Norway

Provider

DnB Markets

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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Analysts

Geir Hiller Holom

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Medistim (Buy, TP: NOK290.00) - Another all-time high sales result

Medistim (Hold, TP: NOK172.00) - Q3 report

Medistim (Buy, TP: NOK190.00) - Record-high quarterly sales

Medistim (Hold, TP: NOK190.00) - Sales in Americas weaken

Edda Wind (Buy, TP: NOK30.00) - Well positioned

Valuation and market update

Petrobras FPSO delays may hit service volumes but lengthen cycle

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