Q1 usually a very small quarter

Q1 tends to be a very small quarter for Elekta (it includes much of Europe’s summer holiday period) and typically accounts for c5–7% of annual adj. EBITA. We estimate Q1 2017/18 will be slightly better than this but still small (results due at 07:30 CET on 23 August). Focus is likely to be on comments about Unity and the ASTRO meeting in September. We reiterate our BUY recommendation and SEK110 target price.