Rock-solid

4.3% organic growth , adj. EBIT in line. EBIT revised down 1.7%-1.8% for '24e-'26e. BUY case confirmed, TP of SEK 60 unchanged.

Solid sales growth but sof on margins in Q1

Continued progress expected

Q1'24 results due 18 April. 4.3% organic sales growth and margin uplift in Q1e. Adj. EBITDA revised up 0.3%-0.6% mainly due to FX.

Strong ending to the year

Impressive gross margin uplift in Q4. Earnings momentum to continue in '24e. BUY case confirmed, TP of SEK 60 unchanged.

Gross margin and FCF shine in Q4

Earnings recovery continues

Q4'23 results due 30 January. 5.4% organic sales growth and margin uplift in Q4e. Adj EBITDA revised down 0.6%-4.9% mainly due to FX. BUY.

Impressive cash flow generation in Q3

Margin uplift set to continue in Q4. Limited revisions on adj. EBITDA. BUY case confirmed, TP up to SEK 62 (59).

Solid beat in Q3

Reliable cash flow machine

Defensive growth characteristics and solid cash flow generation. Q3 2023 to confirm growth and margin recovery. Up to BUY (Sell) at 7.5x NTM EV/EBITDA.

What about the long-term?

Improvements came earlier, but without affecting H2 much. Setbacks in SEM-scanner and WoundExpress drag on mid-term. We move to SELL (Hold) based on 20% premium vs. Getinge.

Upgraded guidances and strong data

Improving macro situation for higher capex demand and better elective surgery throughput.

Volume driven 23% adj. EBIT beat

Left behind while others advance

Q1e should be in line with cons and show no organic growth. Estimates unchanged, ABGSC '23e EPS 6% below cons. There are more exciting options: reiterate HOLD.

New data points to a strong Q1

Improving macro situation for higher capex demand and better elective surgery throughput.