reports
Ambu AS: 2 directors
Two Directors at Ambu AS bought 21,500 shares at between 112.950DKK and 114.090DKK. The significance rating of the trade was 57/100. 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...
- Jesper Ingildsen
Ambu (Buy, TP: DKK140.00) - Solid guidance considering soft Q4
We view the 2024/25 guidance as solid given the Q4 miss and management’s conservative tendency. Pulmonology growth might be below our forecast for 2024/25, but the strong momentum in the rest of Endoscopy should make up for it. We view the investment case as intact, and thus reiterate our BUY, but have cut our target price to DKK140 (145) on the Q4 margin miss.
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Healthcare Research
- Morten Larsen
- Jesper Ingildsen
Ambu (Buy, TP: DKK145.00) - Q4 focus: Pulmonary and guidance
We believe Ambu will report a stronger Q4 than expected by consensus, but ultimately expect focus to be on the Pulmonary growth momentum in the quarter as well as the 2024/25 guidance. We look for guidance of at least 10–13% organic growth, with consensus at the high end, but which we view as probably conservative. We reiterate our BUY and DKK145 target price.
- Jesper Ingildsen
Ambu (Buy, TP: DKK145.00) - Growth outlook still looks solid
Ambu pre-released headline Q3 figures and raised its full-year guidance back in July, so focus with the full Q3 results was on the apparent Pulmonary endoscopy sales miss, raising concerns about growth for 2024/25 onwards. However, we see only minor changes to the growth outlook and believe the share price reaction was overdone. We reiterate our BUY and have raised our target price to DKK145 (138).
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Healthcare Research
- Morten Larsen
- Jesper Ingildsen
Ambu (Buy, TP: DKK138.00) - Guidance still looks conservative
Having pre-released Q2 headline numbers and increased the 2024 guidance in mid-April, today’s detailed results provided few surprises. However, the important Endoscopy sales were slightly better than expected, and we find today’s guidance for >15% organic growth YOY (previously c15%) for that part of company still conservative, with potential for a further rise with the Q3 results. We reiterate our BUY and have increased our target price to DKK138 (130).
Ambu A/S: Reporting of transactions made by persons discharging manage...
Ambu A/S: Reporting of transactions made by persons discharging managerial responsibilities Pursuant to the Market Abuse Regulation, article 19, Ambu A/S hereby notifies receipt of information of the following transaction(s) made by persons discharging managerial responsibilities in Ambu A/S and/or their closely associated persons related to Ambu A/S’s shares admitted to trading and official listing on Nasdaq Copenhagen A/S. The attached document discloses the data of the transactions made in Ambu shares. Attachment
GRANT OF PERFORMANCE SHARE UNITS
GRANT OF PERFORMANCE SHARE UNITS Pursuant to Ambu A/S’ (Ambu) Remuneration Policy, a total of 172,956 Performance Share Units (PSUs) related to Ambu’s long-term incentive programme (LTIP) for 2023/24 have been granted on 6 February 2024 with retroactive effect from 1 January 2024. 49,109 of the PSUs have been granted to the Executive Management and 123,847 of the PSUs have been granted to other key employees. The LTIP covers the financial year 2023/24, and the final allocation of PSUs is conditional upon achievement of two key performance indicators (organic revenue growth and EBIT marg...
- Jesper Ingildsen
Ambu (Buy, TP: DKK130.00) - Strong Q1 suggests promising 2024
With a c20% EBIT beat driven by the top line and profitability, Q1 showed Ambu is off to a strong start to 2023/24. However, the guidance was maintained and remains conservative in our view, while recent price rises to the legacy business and more reimbursement for the aScope 5 leave further upside potential. We reiterate our BUY and have raised our target price to DKK130 (120).
INTERIM REPORT FOR Q1 2023/24
INTERIM REPORT FOR Q1 2023/24 In Q1 2023/24, Ambu delivered 14% organic revenue growth and a 10.0% EBIT margin before special items. This was driven by Endoscopy Solutions growing 25%, due to continued high double-digit growth within urology and ENT, combined with pulmonology growing 18%. “I am pleased with the performance within the first quarter of the year, showcasing our continued commitment to delivering strong profitable growth. With 25% growth in Endoscopy Solutions, an increased profitability level and a positive free cash flow of DKK 135m, we are off to a solid start ...
- Jesper Ingildsen
Ambu (Buy, TP: DKK120.00) - Strong start could boost guidance
We expect a solid start to 2023/24, supported by Ambu’s growth momentum exiting last year, easy comparables, and likely better than expected acceptance of price increases in its legacy business. We see potential for multiple increases to the 2023/24 guidance this year (first likely with or before the Q1 report). We reiterate our BUY, but have raised our target price to DKK120 (110).
- Jesper Ingildsen
Ambu (Buy, TP: DKK110.00) - Scope for guidance increases
Ambu’s 2023/24 outlook was somewhat underwhelming in our view, with consensus already at the high end, but we believe investors expected worse. We see the outlook as conservative, especially the growth assumptions for the key Endoscopy Solutions, which seemed to be on the low side, particularly given the solid detailed Q4 results, general growth momentum, recent launches, and pipeline. We reiterate our BUY and DKK110 target price.
ANNUAL REPORT 2022/23 (EARNINGS RELEASE)
ANNUAL REPORT 2022/23 (EARNINGS RELEASE) For the full 2022/23 financial year, Ambu reported 7.6% organic revenue growth. This was driven by Endoscope Solutions posting 15% organic growth, the main drivers being urology and ENT growing high double-digits, as well as pulmonology contributing positively, with a strengthened offering. As a result of Ambu’s focused execution, the company delivered an EBIT margin of 6.3%, mainly driven by revenue growth and reduced operational costs in distribution and staff, as well as a positive free cash flow of DKK 192m, corresponding to an increase of DKK 65...
AMBU ANNOUNCES FINANCIAL OUTLOOK FOR THE 2023/24 FINANCIAL YEAR
AMBU ANNOUNCES FINANCIAL OUTLOOK FOR THE 2023/24 FINANCIAL YEAR Today, Ambu announces its financial guidance for the fiscal year 2023/24. Also, today, Ambu will publish its Q4 and full-year earnings release along with its Annual Report, including the company’s Sustainability Report, and its Remuneration Report and Corporate Governance Report for 2022/23. MARKET CONDITIONSDuring 2022/23, Ambu witnessed increased geopolitical uncertainty and a volatile macroenvironment, affecting the global economy and resulting in inflationary effects on raw materials, energy prices and logistic...
- Jesper Ingildsen
Ambu (Buy, TP: DKK110.00) - Likely conservative 2023/24 outlook
Having pre-released Q4 headline numbers, we expect focus to be on 2023/24 guidance with the detailed results (due at 07:00 CET on 8 November). We expect an initial guidance of 7–11% organic growth and a 7–10% EBIT margin, with consensus probably at the high end, but this is likely to be conservative with detailed Q4 numbers probably supportive of this. We reiterate our BUY, but have cut our target price to DKK110 (120).
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