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...
ODDO BHF and Commerzbank jointly hosted the Swiss Equities Conference in Interlaken, Switzerland, from 10 to 12 June 2025. The event was attended by 64 companies (out of which 59 are listed, and with BASF one non-Swiss company). Some 125 investors met mostly (85%) C-level management in 440 meetings (one-on-one, one-to-few) and plenary sessions, resulting in some 1,100 interactions. Based on our positive assessments for Q2 & H2 2025 as well as beyond, we would like to highlight Accelleron (poten...
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