Positive US hospital capex outlook for H2'24

Elekta AB: 1 director

A director at Elekta AB sold 7,250 shares at 65.000SEK and the significance rating of the trade was 53/100. 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 showin...

Bonesupport Holding AB: 1 director

A director at Bonesupport Holding AB maiden bought 2,000 shares at 317.450SEK and the significance rating of the trade was 70/100. 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 t...

Getinge AB: 1 director

A director at Getinge AB maiden bought 5,000 shares at 222.000SEK and the significance rating of the trade was 60/100. 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 cle...

Getinge (Buy, TP: SEK250.00) - We expect a good Q3

The Paragonix Technologies acquisition within organ transplantation has been consolidated, we expect the underlying Life Science market to have stabilised in China (not yet back in growth mode), and we forecast decent Q3 earnings. We reiterate our BUY, with a raised target price of SEK250 (240) on our estimate changes.

Arjo (Buy, TP: SEK58.00) - H2 likely skewed towards Q4

While we now see a slightly softer Q3 than previously, we believe Q4 could compensate for this (in line with the historical pattern). In addition, we now expect the strong SEK to have a greater negative impact on earnings. We still see underlying progress as expected and estimate 2024 organic sales growth in the upper part of the guidance of 3–5%. We reiterate our BUY and SEK58 target price.

Bolt-on acquisition into a new niche

Small Cap Miner – August 2024

Elekta (Hold, TP: SEK76.00) - Stronger-than-expected Q1 report

Although a seasonally weak quarter, Q1 earnings were stronger than expected: sales beat consensus by c4% (3% above our estimate), adj. EBIT by 17% (6% above) and order intake by 9% (1% above). Overall guidance remained for a weaker H1 YOY and a stronger H2, and for the year, organic sales growth in the mid-single digits and an improved adj. EBIT margin YOY. We reiterate our HOLD and have raised our target price to SEK76 (74).

Expect a roll-out and pick-up in H2

Americas drive a solid beat across the board. Q2 will remain soft, but new launches and improvements to come. Adj. EBIT up 1-2% for '24/'25e-'26/'27e.

Good start to year in Q1

US acquisition into new sub-segment

Slow start to the year in Q1'24/'25e

Vimian (Buy, TP: SEK50.00) - Stronger than expected margins

Q2 earnings were above our forecast. Sales were in line, but margins were better than expected, driven by positive sales mix and growth in high-margin areas. Diagnostics is still facing headwinds that are likely to continue into 2025. The balance sheet is strong due to the recent rights issue. M&A is still high on the agenda. We reiterate our BUY and have raised our target price to SEK50 (40).

Confirmation of long-term growth case

Specialty Pharma drives earnings beat in Q2

Vermilion Compass: Weekly Equity Strategy

Upgrading Health Care to Market Weight Breadth continues to improve and Russell 2000 (IWM) small-caps and the Dow remain bullish, all while the S&P 500 and Nasdaq 100 (QQQ) are going through a pullback/consolidation phase. Considering the Russell 2000 vs. S&P 500 ratio is reversing a 3.5-year downtrend, we expect this trend of small-cap outperformance to continue for months or longer. We will maintain our bullish view on small-caps (IWM) and the Dow as long as they remain above $210 and 39,800,...

Elekta (Hold, TP: SEK74.00) - A weak quarter expected

Along with the Q4 2023/24 report, management guided that Q1 2024/25 would be weak and that a turnaround should be visible mainly in H2; we do not believe much has changed since then. After the earnings miss in Q4, our concern has been the lack of short-term visibility and as a result, we doubt that it should be much better long-term. We reiterate our HOLD but have cut our target price to SEK74 (76) ahead of the Q1 report.

Speciality Pharma holding back growth

17.5% below on adj. EBITA despite strong MT+AT. Adj. EBITA down 1.7-6.1% for '24e-'26e. HOLD maintained, TP down to SEK 535 (550).

Miss on earnings in Q2 due to Spec. Pharma