reports
- Alexander Aukner
- Christoffer Wang Bjørnsen
- Helge André Martinsen
- Jesper Ingildsen
- Martin Arnell
- Niclas Gehin
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Jesper Ingildsen
Ambu (Buy, TP: DKK205.00) - Endoscopes running at high speed
Ambu reported a strong Q2, beating endoscope sales and EBIT margin expectations significantly. As a consequence, Ambu raised its full-year organic growth expectations to c14–15% (previously c13%), but kept its EBIT margin guidance for possible investing in further growth initiatives. Management also offered greater detail in its endoscope expectations. We have lifted our target price to DKK205 (180), and reiterate our BUY.
- Jesper Ingildsen
Ambu (Buy, TP: DKK180.00) - Strong growth triggers guidance lift
Strong growth triggers guidance lift Ambu reported a stronger than expected top line, with sales of endoscopes c13% above our expectations and Anaesthesia is back on track with c8% organic growth. The EBIT margin of 24.0% was also better than expected (we estimated c21.3%), driven by still-strong scale benefits. Based strong growth YTD, Ambu has raised its FY organic growth guidance to c14–15%, while the EBIT margin was unchanged. We expect consensus EPS to come up by 1–2% based on the raise...
- Alexander Aukner
- Christoffer Wang Bjørnsen
- Helge André Martinsen
- Jesper Ingildsen
- Jon Masdal
- Karl-Johan Bonnevier
- Martin Kaland
- Nicolas McBeath
- Nicolay Dyvik
- Ole-Andreas Krohn
- Olof Larshammar
- Rune Majlund Dahl
- Jesper Ingildsen
Ambu (Buy, TP: DKK180.00) - Growth momentum set to continue
Ambu is due to report Q2 results at 08:00 CET on 7 May. We expect growth momentum to continue with c14% organic growth, driven by continued solid growth in shipments of endoscopes (we estimate c35%), supported by Anaesthesia, where we see c8% organic growth for the quarter. Based on the strong growth YTD, we at least expect Ambu to increase its FY top-line guidance. We have lifted our target price to DKK180 (160), and reiterate our BUY recommendation
- Christer Magnergård
- Frank Maaø
- Håkon Astrup
- Helge André Martinsen
- Jesper Ingildsen
- Karl-Johan Bonnevier
- Mattias Montgomery
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Paul Harper
- Rune Majlund Dahl
- Simen Mortensen
- Jesper Ingildsen
Ambu (Buy, TP: DKK160.00) - Still scope for more
Ambu reported a weaker than expected Q1 top line and earnings, mainly resulting from FX, timing issues, and the US tax reform. Underlying, the performance was in line with our expectations of continued strong growth in the Visualisation business (58% local currency growth). The 380bp margin expansion of (c250bp beat) was a positive surprise, and also drove the raised guidance. BUY and DKK160 target price reiterated.
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