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ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson

Instrument sales to drive growth in Q1e

Q1'24 results due 7 May. '24e-'26e EBIT up 0.8-1.6% due to FX. 29-39% below historical NTM P/E and NTM EV/EBIT.

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Gonzalo Castanon

Boule Diagnostics - Persistent headwinds cause a weak Q3

Supply chain issues and shortages continue to hit Boule Missed sales by 13% and EBIT by 80% vs. ABGSCe EBIT estimates down 37-16% for ’22e-‘24e

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Gonzalo Castanon

Boule Diagnostics - Headaches turned into migrane in Q3

EBIT missed ABGSCe by 80%, mainly on softer sales Expect cons to cut ‘22e EBIT by >27% There is a conference call at 10:00 CET

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

Boule Diagnostics - Another quarter of temporary headaches

Gross margin headwinds shadow ATH sales in Q2 Components and regulator capacity delay new portfolio Estimates cut 28-10%, trading at 12-8x EV/EBIT ’22-23e

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

Boule Diagnostics - Strong sales but weaker margin

Q2 Sales 3% above but EBIT 66% below Components the issue in Q2, price hikes implemented Cons ‘22e EBIT to come down ~20%, less for ‘23e

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

Boule Diagnostics - Benefitting from healthcare recovery

23% organic growth for record Q1 sales Margins held back by component situation Trades at 11-8x our EV/EBIT in ‘22e

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

Boule Diagnostics - Another solid quarter in Q1

Sales in line with better instrument deliveries Strong orderbook but supply and geopolitical uncertainty Presentation at 14.00 CET

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

Boule Diagnostics - Healthcare set for a comeback and so is Boule

Datapoints showing COVID-19 in the rearview mirror Russia sales ongoing but uncertain – EBIT est. down 10% ’21-’24e EBIT CAGR of 45% – ’22e EV/EBIT of 12x

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

Boule Diagnostics - Record sales despite a tougher supply chain

Sales 20% better & underlying EBIT margin of 14% Strong outlook into 2022 – estimates up 5-6% ’21-’24e EBIT CAGR of 49% – 13x ‘22e EV/EBIT

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

Boule Diagnostics - Signs of testing volumes coming back

Continued high order book due to component shortages 11% q-o-q consumables growth is a good sign ’20-23e EBIT CAGR of 10%, share at 13x ‘22e EV/EBIT

Jakob Lembke ... (+3)
  • Jakob Lembke
  • Rickard Anderkrans
  • Viktor Sundberg

Boule Diagnostics - A small step forward

Gross margin headwinds caused EBIT margin of 2.1% Underlying market development is positive ‘22e EV/EBIT at 13.2x, 21% below historical average

Rickard Anderkrans ... (+3)
  • Rickard Anderkrans
  • Victor Forssell
  • Viktor Sundberg

Boule Diagnostics - Regaining confidence in a market recovery

Q1: group organic growth -6% though US grew by 6% Market recovery seems ongoing in most geographies ’21e placements should indicate good coming years

Rickard Anderkrans ... (+3)
  • Rickard Anderkrans
  • Victor Forssell
  • Viktor Sundberg

Boule Diagnostics - Feedback from ABGSC Investor Day

Investment highlights provided by CEO Mr. Söderqvist Underlying progress to be visible when demand returns Entering an intriguing period of growth from H2’21

Rickard Anderkrans ... (+3)
  • Rickard Anderkrans
  • Victor Forssell
  • Viktor Sundberg

Boule Diagnostics - Patiently awaiting a market recovery

Tough conditions persisted in Q4 Negative revisions in ‘21e-22e… … but entering an intriguing period of growth from H2’21

Rickard Anderkrans ... (+3)
  • Rickard Anderkrans
  • Victor Forssell
  • Viktor Sundberg

Boule Diagnostics - Sequential recovery, but far from normalised

The pandemic continues to take its toll on Boule We lower EBIT by 2-6% for ‘21e-‘22e ‘21e-‘22e EV/EBIT of 16-12x

Rickard Anderkrans ... (+3)
  • Rickard Anderkrans
  • Victor Forssell
  • Viktor Sundberg

Boule Diagnostics - Managing well during the pandemic

Q2: organic decline of -26%, EBIT SEK -3m Higher R&D expenses lower our estimates Consumables set for a quicker rebound

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