Diagnostyka: take a test (BUY - initiation of coverage)
We initiate coverage of Diagnostyka with a BUY rating and a 12M price target (PT) of PLN 159/share. Diagnostyka is the leader of the Polish medical diagnostics market, with a 22% share in the total addressable medical laboratory testing market and 49% in the private segment. Operating in the hub-and-spoke model, the company combines economies of scale with superior proximity and attractive prices. By 2028E, Diagnostyka’s management expects to double its sales, outperforming Bain and Co.’s market growth forecast of 65% via organic growth, enhanced by M&A and its expansion into the diagnostic imaging segment. In 2023-26E, we forecast Diagnostyka to grow at CAGRs of 17% in sales, 20% in EBITDA and 30% in earnings. Our valuation is based on the average of: i) our DCF; and ii) the multiples of its global diagnostics peers; and iii) CEE healthcare peers.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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