Embla Medical- INITIATION- Stepping into the Future (BUY, TP DKK56, 64pgs)
Embla Medical, a global leader in non-invasive orthopaedic solutions, is a vertically integrated business with multiple upside drivers. The Medicare K2 policy shift and potential commercial payor alignment, ongoing mix shift to higher margin bionics, nascent neuro-orthotics market and EM prosthetics expansion all present major opportunities. We forecast revenue to grow at a CAGR of 7% over 24-29, with the K2 pt expansion adding at least 4% to 2029 revenue. We expect strategic consolidation of Embla’s O&P clinics and targeted cost optimisation to drive adjusted EBITDA margins up by 300bps to 23.1% by 2029. Reliable free cash flow and a history of buybacks underscore Embla’s investment appeal. We value the company at DKK56, implying ~50% upside.For access to the full note, please contact Naresh Chouhan ( )
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