DnB Markets - Ossur hf. (OSSR) Embla Medical (Buy, TP: DKK39.00) - Q1 set to build momentum

Report

DnB Markets

Jesper Ingildsen

EUR 92.37 For Business Accounts Only

Embla Medical (Buy, TP: DKK39.00) - Q1 set to build momentum

We expect Embla Medical (formerly Ossur) to report another solid organic growth quarter, despite tough comparables and Easter effects. We forecast the bionics portfolio to continue to drive prosthetics growth, with more muted growth in Bracing and Support and Patient Care. While we expect the EBIT margin to expand YOY in Q1, and continue to build throughout 2024, we estimate previously taken cost savings to have less effect in the quarter. We reiterate our BUY and DKK39 target price.

12/04/2024 1 EN

Underlying

Ossur hf.

Ossur is an orthopaedics solutions group based in Iceland. Co. specializes in the manufacture and sale of high quality orthopaedic solutions. Co. is engaged in the development and manufacturing of products in three categories: Bracing and Support (products are primarily used to support joints and other body parts, both for therapeutic and preventive purposes); Prosthetics (products include artificial limbs and related products for individuals without limbs or with limbs amputated); and Compression Therapies (treatment for venous ulcers and edema). Co.'s product line includes brands: RHEO KNEE®, POWER KNEE™ and PROPRIO FOOT®. Co. orthopaedic market includes the Americas, EMEA and Asia.

See profile

IS0000000040 Nasdaq Nordic Copenhagen Iceland

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.

See profile

Analysts

Jesper Ingildsen

Other Reports on these Companies

ABG Sundal Collier Sponsored

Underlying Q1 growth intriguingly good

Solid 7% organic growth in Q1, underlying was even better. Another $3m in restructuring costs reveals margin pressure. Maintain FV 25-37 after smaller EPS changes.

April 23, 2024 April 23, 2024 1 EN

DnB Markets

Embla Medical (Buy, TP: DKK39.00) - Solid start to 2024

Embla Medical’s (formerly Össur’s) organic growth print in Q1 was solid, 7% above consensus of 5.6%. Reported margins were somewhat soft on unexpected one-offs related to cost saving initiatives, but underlying margins were in line with consensus, and the commentary from management about the gross-margin trajectory for the remainder of 2024 was supportive. On limited estimate changes, we reiterate our BUY and DKK39 target price.

Free Trial

April 23, 2024 April 23, 2024 1 EN

Sinch (Buy, TP: SEK52.00) - New reporting structure implemented

With a new reporting structure, focus will be on headline numbers (the Q1 report is due at 07:30 CET on 7 May). We forecast 6% organic gross profit growth YOY, and we believe this is about in line with consensus. We reiterate our BUY and SEK52 target price.

Free Trial

14h / 1m 14h / 1m 1 EN

Stefan Gauffin

Stefan Gauffin

Truecaller (Buy, TP: SEK46.00) - Facing easy comparables in Q1

We believe our Q1 revenue assumptions could prove conservative (results due at 07:30 CET on 7 May), but we are still 3% above consensus on sales and 5% above on EBITDA. We reiterate our BUY and have raised our target price to SEK46 (40) on higher peer multiples.

Free Trial

14h / 6m 14h / 6m 1 EN

Jørgen Lian

Jørgen Lian

Safe Bulkers Minor model adjustments

We have updated our estimates, owing to the Q1 report and its updated contract backlog at healthy rates providing visibility on cash flows for the coming quarters. The market is still pricing Safe Bulkers at c50% of NAV, which screens at a noticeable discount to peers’ average P/NAV of ~0.8x. This, along with its contract portfolio, continues to provide relatively attractive exposure to the dry bulk segment, despite potential downside risk to demand on fundamental drivers in China (importer of ~50% of all volumes). We do not consider these changes to be material, and we have not changed our BU...

Free Trial

23h / 5m 23h / 5m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Embla Medical (Buy, TP: DKK39.00) - Q1 set to build momentum

Underlying Q1 growth intriguingly good

Embla Medical (Buy, TP: DKK39.00) - Solid start to 2024

Sinch (Buy, TP: SEK52.00) - New reporting structure implemented

Truecaller (Buy, TP: SEK46.00) - Facing easy comparables in Q1

Safe Bulkers Minor model adjustments

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe