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...

Elekta (Hold, TP: SEK69.00) - Still in ‘wait and see’ mode

During its Q1 call, Elekta indicated that H1 would be weaker than H2, and we believe this is reflected by consensus. For Q2, we forecast sales growth of c-5% YOY and organic growth of c-1% YOY. We expect order intake of cSEK4.9bn, broadly in line with consensus, and that the book-to-bill in Q2 should remain well above 1x. We are still cautious regarding Elekta’s longer-term performance, and reiterate our HOLD, while we have lowered our target price to SEK69 (76).

One more slow quarter before growth returns

PhotoCure (Buy, TP: NOK84.00) - Set to meet 2024 targets

Q3 revenues were NOK120.2m (up 12% YOY) and EBITDA was NOK5m (Q3 2023 NOK3.3m). We still expect the company to meet its financial targets for 2024, and have largely maintained our 2024–2028e EPS. We have removed future potential Asieris milestone payments from our estimates, now viewing this as upside potential to our base case. Following a change of analyst, we have cut our target price to NOK84 (87), but reiterate our BUY as we continue to find the valuation attractive.

Sales ramp-up continues for Catalyst

Strong sales momentum in Q3

Getinge AB: 3 directors

Three Directors at Getinge AB bought/maiden bought 16,300 shares at between 189.470SEK and 192.330SEK. The significance rating of the trade was 54/100. 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 dire...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024

Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024

Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...

Coloplast : FY review – Incorporating some cost headwinds for 2025

>Q4 review – Slight beat on top and bottom line - Coloplast’s Q4 2024 revenues were slightly ahead of expectations driven by a better-than-expected performance at Continence care (10% organic growth) and at Voice & Respiratory care (12% organic growth). On the bottom line, the company achieved an adj. EBIT 2% ahead of expectations. Guidance incorporates some cost headwinds - For 2025, Coloplast expects organic growth of around 8-9% with a neutral fore...

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.

The Good, The Bad and The Questionable

Coloplast (Hold, TP: DKK930.00) - EBIT margin uncertainty persists

Coloplast missed its guidance for full-year organic growth, but met the low end for the EBIT margin before special items. The 2024/25 guidance is for 8–9% organic growth and a c28% EBIT margin (consensus 28.4%). Returning to the 30%+ guided beyond Strive25 hinges on external factors. We assume the inclusion of Kerecis in the LCD policy (decision due at end-2024e), and reiterate our BUY, but have cut our target price to DKK930 (950).

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024

European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024

Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...

Coloplast : Q4 review – Good quarter, bottom line guidance implies sli...

>Q4 review – Slight beat on top and bottom line - Coloplast’s Q4 2024 revenues of DKK 6,983m (+11.7% y-o-y) were 0%/1% vs ODDO BHF/consensus, driven by organic growth of 8% (7.7%/8.0% vs ODDO BHF/consensus). External growth contributed to the tune of 4% and forex created a headwind of 100bp. Coloplast achieved an adj. EBIT of DKK 1,913m (+16.3% y-o-y, margin 27.5%), which was 2%/2% vs expectations. EPS of DKK 5.83 compares to our DKK 6.52 and consensus’ DKK 6.00....

Weak Q4 margins and back-end loaded '24/25