reports
Ambu AS: 1 director
A director at Ambu AS bought 12,500 shares at 118.560DKK 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 two years clearly show...
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).
AMBU APPOINTS NEW CHIEF FINANCIAL OFFICER
AMBU APPOINTS NEW CHIEF FINANCIAL OFFICER Thomas Frederik Schmidt will step down as CFO of Ambu by 31 December 2023; Henrik Skak Bender named as new CFO, effective 1 January 2024. Ambu A/S has appointed Henrik Skak Bender as the company’s new Chief Financial Officer and member of the Executive Management, effective 1 January 2024. Henrik succeeds Thomas Frederik Schmidt, who will step down, effective 31 December 2023.During Thomas’ period as CFO, the financial situation of Ambu has stabilised, the company has returned to positive free cash flow ahead of plan and reduced its gearing t...
AMBU ANNOUNCES PRELIMINARY FINANCIAL RESULTS FOR THE FISCAL YEAR 2022/...
AMBU ANNOUNCES PRELIMINARY FINANCIAL RESULTS FOR THE FISCAL YEAR 2022/23 Today, Ambu announces its preliminary financial 2022/23 results. For the financial year 2022/23, EBIT before special items totalled DKK 302m, with an EBIT margin before special items of 6.3% (previous outlook: 5 – 6%), mainly driven by scale in OPEX and product mix. PRELIMINARY FINANCIAL HIGHLIGHTS FOR THE FULL FINANCIAL YEAR 2022/23Last year’s comparative figures are stated in brackets. Revenue was DKK 4,775m (DKK 4,444m), with organic growth of 7.6% (4%), driven by strong growth in Endoscopy Solutions. ...
AMBU FINANCIAL CALENDAR FOR 2023/24
AMBU FINANCIAL CALENDAR FOR 2023/24 This financial calendar lists the expected release dates of Ambu’s financial announcements for the financial year 2023/24, as well as the date of Ambu’s Annual General Meeting. 2023 8 NOVEMBER 2023 Annual Report 2022/23 13 DECEMBER 2023 Annual General Meeting 2023 2024 30 JANUARY 2024 Earnings release Q1 2023/24 14 MAY 2024 Earnings release Q2 2023/24 30 AUGUST 2024 Earnings release Q3 2023/24 30 SEPTEMBER 2024 End of fiscal year 2023/24 5 NOVEMBER 2024 Annual Report 2023/24 4 DECEMBER 2024 Annual General Meeting 20...
- Jesper Ingildsen
Ambu (Buy, TP: DKK120.00) - Legacy shakeup takes the stage
While having preannounced in July, Ambu’s detailed Q3 surprised negatively due to the still-wide guidance implied for Q4 and the shakeup of its legacy business. We, however, remain confident in the underlying momentum of the important endoscopy business, but acknowledge that group top-line growth is likely to see a short-term setback from changes to the legacy business, even though it should help profitability. We reiterate our BUY, but have cut our target price to DKK120 (135).
INTERIM REPORT FOR Q3 2022/23
INTERIM REPORT FOR Q3 2022/23 In Q3 2022/23, Ambu delivered 8% organic revenue growth and a 7.6% EBIT margin. This was driven by Endoscopy Solutions growing 23%, due to high double-digit growth within urology and ENT, and pulmonology returning to positive growth year-over-year. Today, Ambu narrows its full-year 2022/23 organic revenue growth guidance to 6-8%, previously 5-8%, based on the company’s performance in Q3 and the first two months of Q4. On 10 July 2023, Ambu adjusted its financial guidance by upgrading its full-year EBIT margin before special items to 5-6%, previously 3-5%, dri...
- Jesper Ingildsen
Ambu (Buy, TP: DKK135.00) - Potential for another guidance raise
With pre-released figures in July, we doubt there will be many surprises with the detailed Q3 results (due at 07:00 CET on 31 August). However, we believe Ambu could narrow its full-year top-line guidance to the high end and potentially raise its 2023 EBIT margin guidance again on better visibility (only one month left of 2022/23). We reiterate our BUY and DKK135 target price.
Grant of Performance Share Units and reporting of transactions in acco...
Grant of Performance Share Units and reporting of transactions in accordance with Article 19 of the Market Abuse Regulation Pursuant to Ambu A/S’ (Ambu) Remuneration Policy, a total of 198,872 Performance Share Units (PSUs) related to Ambu’s long-term incentive programme (LTIP) for 2022/23 have been granted on 28 July 2023. 55,956 of the PSUs have been granted to the Executive Management and 142,916 of the PSUs have been granted to other key employees. The LTIP covers the financial year 2022/23, and the final allocation of PSUs will be within the range of 0-200% of the initial grant, su...
AMBU UPGRADES FULL-YEAR 2022/23 EARNINGS EXPECTATIONS ON THE BACK OF P...
AMBU UPGRADES FULL-YEAR 2022/23 EARNINGS EXPECTATIONS ON THE BACK OF PRELIMINARY Q3 2022/23 RESULTS Ambu raises its expectations for EBIT margin before special items to 5 - 6% (previously 3 - 5%) for the full-year 2022/23, based on its preliminary Q3 results. For Q3 2022/23, EBIT before special items totalled DKK 91m (DKK 42m), with an EBIT-margin before special items of 7.6% (3.7%), mainly driven by a better-than-expected gross margin, based on product mix and lower distribution costs. PRELIMINARY FINANCIAL HIGHLIGHTS FOR Q3 2022/23Last year’s comparative figures are stated in bra...
- Jesper Ingildsen
Ambu (Buy, TP: DKK135.00) - A ‘low-quality’ miss
The Q2 results were worse than expected, but as this was driven by its legacy business, it was a ‘low-quality’ miss. The key growth driver Endoscopy Solutions was much stronger than expected, with bronchoscopy back to growth after two years of declines. While the legacy business is set to be more of a drag than expected, we still find the maintained 2023 guidance conservative. We reiterate our BUY and DKK135 target price.
INTERIM REPORT FOR Q2 2022/23 AND THE HALF-YEAR
INTERIM REPORT FOR Q2 2022/23 AND THE HALF-YEAR Ambu posts 4% organic revenue growth for the second quarter of 2022/23, in line with expectations. The quarter was driven by continued strong growth in urology and ENT, offset by pulmonology and Anaesthesia. Financial guidance is maintained for the fiscal year 2022/23, with organic revenue growth at 5-8% and EBIT margin before special items at 3-5%. “In the second quarter, Ambu delivers 4% organic revenue growth and 3.9% EBIT margin, in line with our expectations. We delivered a slightly positive cash flow and strengthened our capit...
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