reports
- Dylan Van Haaften
MEDARTIS: 1H in-line, but murkier outlook and guidance cut for remaind...
MEDARTIS - BUY | CHF175 1H in-line, but murkier outlook and guidance cut for remainder ‘22 1H headline broadly in line, but some pressure on ‘22e 2H forecasts in our view Re-iterate Buy, CHF 175 TP as long term Upper and Lower extremities thesis is intact
- Dylan Van Haaften
MEDARTIS: What’s Next(remity)? Increase TP to CHF175 | BUY Top Picks |...
MEDARTIS - BUY Top Picks | CHF175 VS. CHF155 (+28%) What’s Next(remity)? Increase TP to CHF175 We increase our TP to CHF175 from CHF155, keep our BUY and retain Medartis on our Top Picks list as we believe the Nextremity acquisition is on a ‘21e-‘25e basis highly accretive (see next page). Furthermore, we believe guidance of ~20% CER growth and ~18% (ex.- Nextremity; 12%-13% inc.) underlying EBITDA margins are attainable, which has been reinforced on the NDRs we have had with management this we...
- Dylan Van Haaften
MEDARTIS: Strong organic performance and a new acquisition | BUY Top P...
MEDARTIS - BUY Top Picks | CHF155(+12%) Strong organic performance and a new acquisition This morning Medartis announced FY results which were a beat on organic growth and announced a new acquisition (Nextremity). Medartis has also issued an outlook of sales growth around 20% CER and an improvement of EBITDA margins by 1% point (~18.2% EBITDA ’22) excluding the acquisition. The newly announced acquisition is largely unknown but is expected to be accretive on a Mid-term basis. The company will h...
- Dylan Van Haaften
- Dylan Van Haaften
- Jean-Jacques Le Fur
- Olga Smolentseva
Healthcare Top Picks Healthcare Q1 2022 – FY 2022 guidance should be t...
Healthcare Top Picks Healthcare Q1 2022 – FY 2022 guidance should be the main catalyst Looking back at Q4 2021 What to expect in Q1 2022 Some changes to ratings and FV in our universe Our selection for Q1 2022 The stocks with potential catalysts in Q1 22
- Dylan Van Haaften
MEDARTIS: Medartis post extremely strong 1H20, raises guidance | BUY |...
MEDARTIS - BUY | CHF80(-20%) Medartis post extremely strong 1H20, raises guidance Medartis posts top line 5% beat, raises guidance to +20% CER for FY20e We see multiple further avenues of share price performance We re-iterate our BUY, thesis more attractive post 1H21
- Dylan Van Haaften
- Eric Le Berrigaud
- Jean-Jacques Le Fur
- Olga Smolentseva
- Victor Floc’h
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