Surgical Science (Buy, TP: SEK257.00) - Strong cash flow generation
Q3 was solid, with sales and EBIT c2% below our estimates, but adj. EBIT 16% above. Weaker licence sales were offset by solid cost control, price increases and resilient product mix outside licences. The QOQ slowdown was mainly due to Educational Products. We have raised our 2023–2025e EPS by 1–4%. We reiterate our BUY but have increased our target price to SEK257 (254).
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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