Ossur (Buy, TP: DKK48.00) - Q1e: focus on supply chain and costs
Largely in line with consensus and the guidance, we expect Össur to report c7% organic sales growth in Q1 (results due at 08:00 CET on 26 April) despite pandemic-related headwinds but helped by easy comparables. We believe the Q1 EBITDA margin (17.3%) was likely under pressure from cost inflation. More generally, our focus will be on recent additional cost inflation. We reiterate our BUY, but have lowered our target price to DKK48 (51).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.
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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