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 g...
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