Getinge Trades Ex-Arjo; Maintaining No-Moat and Negative Trend Ratings
We are reducing our fair value estimate for Getinge to SEK 104 per share, down from our prior estimate of SEK 136, due to the successful spin-off of the former patient and post acute care business, now known as the independent entity Arjo AB. As indicated in our prior note, we expected our fair value estimate reduction to be somewhere in the neighborhood of 20%-25%, driven by the lower cash flows expected from the remaining business along with an adjustment to the capital structure given the hig...Getinge is engaged in three business areas: Medical Systems, Extended Care and Infection Control. Medical System's product range includes surgical tables, surgical lamps, telemedicine, perfusion products, instruments for bypass operations, ventilators, anesthesia systems, synthetic vascular implants and stents. Extended Care's product range includes bathing and shower solutions, lifting equipment and mattresses for the treatment and prevention of pressure ulcers, as well as service and consulting. Infection Control's product range comprises disinfectors, sterilizers, information technology systems and related equipment, as well as service and consulting.
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