Medistim’s Q2 results were below estimates, with EPS of NOK0.54 (we forecast NOK0.78, consensus NOK0.77). Backlog issues from late 2016 continued to hamper the operations. We have cut our 2018–2019e EPS by 1–2% and our target price to NOK74 (NOK79), but we reiterate our HOLD recommendation.
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