Medistim (Hold, TP: NOK76.00) - Back with the right flow into 2018
We expect investor focus to be on the Q4 figures (results due on 15 February before market open) and on final confirmation that capacity issues during 2017 have been resolved. Our focus will also be on the outlook, traction of the various platforms, and potential implications of ongoing studies. We have trimmed our target price to NOK76 (74), and on valuation we have downgraded Medistim to HOLD (BUY).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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