Straumann Holding AG : Solid dental implant market, no relief in North America short term

The IDS confirmed our expectations for the dental implant market. North American dynamics are impacted by high interest rates and no short-term relief is expected. However, the mid- to long-term prospects are seen as positive. The valuation multiples already reflect the weakness in North America but the strong prospects for the other regions (72% of sales) are not included. We reiterate our Outperform rating with a reduced target price of CHF150 (from CHF163). Our lower estimates (2025 organic growth 10.6% vs 11.5%, forex headwind 380bp) still reflect strong growth (EPS CAGR 2024-27 of 24%).