Getinge AB: 1 director

A director at Getinge AB bought 20,000 shares at 179.780SEK and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...

Arjo (Hold, TP: SEK37.00) - Expecting more of the same

We forecast c3% organic growth YOY in Q4, similar to consensus, and a gross margin in line with the guidance (the report is due at 07:00 CET on 30 January). The UK has now published a 2025 healthcare budget, but Arjo is still being affected by issues with national spending plans in several other markets. We reiterate our HOLD but have trimmed our target price to SEK37 (40).

BONESUPPORT: Increasing conviction, PT raised to SEK400

BONESUPPORT trades at a premium on EV/Sales and EV/EBITDA to peers, yet a valuation justified by its unique market positioning. The company leads the ortho-biologics market without competition for its antibiotic-eluting CERAMENT products. Beyond its proprietary technology, BONESUPPORT consistently

MedCap AB: 1 director

A director at MedCap AB sold 1,800 shares at 576.500SEK and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

Elekta (Hold, TP: SEK70.00) - Weaker-than-expected quarter

Elekta’s Q2 earnings report was weaker than we expected, but it reiterated its 2024/25 guidance of mid-single-digit organic growth and an improved adj. EBIT margin. However, management suggested that this year (as in the past) is set to be skewed towards Q4, and this is a risk for investors, as the full-year outcome stands and falls with a single quarter (most investors remember the earnings miss in last year’s Q4). We reiterate our HOLD but have raised our target price to SEK70 (69).

Growth set to recover in H2

Soft Q2, no change in outlook

Elekta (Hold, TP: SEK69.00) - Still in ‘wait and see’ mode

During its Q1 call, Elekta indicated that H1 would be weaker than H2, and we believe this is reflected by consensus. For Q2, we forecast sales growth of c-5% YOY and organic growth of c-1% YOY. We expect order intake of cSEK4.9bn, broadly in line with consensus, and that the book-to-bill in Q2 should remain well above 1x. We are still cautious regarding Elekta’s longer-term performance, and reiterate our HOLD, while we have lowered our target price to SEK69 (76).

One more slow quarter before growth returns

Bonesupport Holding AB: 1 director

A director at Bonesupport Holding AB sold 59,407 shares at 325.000SEK and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...

Strengthening our confidence

Growth continues

Flat development in reported NAV q-o-q

Leaving another weak quarter behind

Growth case confirmed

The organic growth story continues

Weak organic growth and miss on adj. EBITDA

Small miss in Q3, growth case unchanged

Strong sales growth in the US

BONESUPPORT: CERAMENT G leads strong US growth amid softer EU seasonal...

Q3 2024 followed a similar trend to the first half of the year, with CERAMENT G leading revenue generation. Exceeding expectations, CERAMENT G grew by SEK 25m QoQ in the US, reaching SEK 132m, as the company rapidly secures new hospital agreements. However, CERAMENT BVF saw a slight decline, with U