Elekta AB: 1 director

A director at Elekta AB bought/gave away 434,000 shares at 0.000SEK and the significance rating of the trade was 67/100. 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 c...

A fine company, but elevated estimate risks

Coloplast (Buy, TP: DKK1000.00) - Big picture unchanged

At its ‘Meet the Management’ event, Coloplast confirmed its Strive25 targets, and provided a deep dive into Kerecis and an innovation update focusing on product launches. Despite recent volatility related to Kerecis, we remain positive on the acquisition and forecast solid growth and earnings contributions (our base case assumes inclusion in the LCD policy). Beyond Strive25, we forecast the EBIT margin to return to 30%+. We reiterate our BUY, but have cut our target price to DKK1,000 (1,050).

Disappointing end to the year

>20% miss on EBIT in Q4. Patience is needed as H1 expected to be soft. Adj. EBIT down 9% for '24/'25e-'25/'26e. BUY.

Elekta (Hold, TP: SEK76.00) - Weak Q4 and soft guidance

Q4 sales, order intake and adj. EBIT missed consensus, while management indicated a soft start to 2024/25, and guided that it only expected gross margin improvements from the second half of the financial year. We believe investors will remain cautious until there are clear signs of an underlying improvement in earnings. We reiterate our HOLD but have cut our target price to SEK76 (90) on our estimate revisions.

Arjo (Buy, TP: SEK58.00) - Q2e in line with guidance

We believe the Q2 results (due at 07:00 CET on 12 July) should be much in line with the company’s guidance with the Q1 report and expect limited consensus revisions ahead of the report. We will focus on the gross margin and any comments on the full-year results. We reiterate our BUY and SEK58 target price.

Weak Q4, but China returns to growth

Many questions into MtM

Coloplast hosting Meet-the-Management meeting 6 June. Hard to see Coloplast shed enough Kerecis data to remove worries. Stock still too expensive and cost inflation may be reemerging.

Small Cap Miner - May 2024

Elekta (Hold, TP: SEK90.00) - Order growth set to improve

We are broadly in line with consensus on Q4 2023/24e earnings (results due at 07:30 CET on 5 June). While order intake has been weak, we expect a rebound in APAC as tender activity in China picks up and investment stimulus packages for healthcare equipment start to take effect. We reiterate our HOLD but have raised our target price to SEK90 (82) on a stronger order trajectory.

Bonesupport Holding AB: 1 director

A director at Bonesupport Holding AB sold 13,835 shares at 257.119SEK and the significance rating of the trade was 67/100. 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...

Back to growth in orders in Q4e

Q4 '23/'24 results due 5 June. Outlook and China in focus. TP up to SEK 120 (112), BUY.

Getinge (Buy, TP: SEK240.00) - Uncertainty regarding FDA issues

Getinge yesterday hosted a meeting to discuss its new long-term financial targets, where it also commented on the recent FDA communication to healthcare facilities in the US advising users to transition away from Getinge’s equipment in cardiopulmonary and cardiac assist. However, the company has limited visibility on the size of the financial impact. We reiterate our BUY, but have lowered our target price to SEK240 (255).

PhotoCure (Buy, TP: NOK87.00) - Solid start to the year

A 3% outperformance on Q1 sales versus our estimate and consensus together with lower operating expenses helped EBITDA beat our forecast by 193% (but cNOK5m in absolute terms). Management reiterated its guidance for 6–9% organic product sales growth in 2024 and positive EBITDA (excluding business development costs). We reiterate our BUY and NOK87 target price.

Mounting concerns

Increased uncertainty of earnings development. Adj. EBITA revised down 2.3%-4.5% for '24e-'26e. HOLD maintained, TP down to SEK 198 (225)

Flattening revenues AND bulky valuation

Q2 largely inline with pre-announcement. Q2 was the peak for growth, H2 revenues flattening out. At 71x P/E Ambu needs time to grow into its bulky valuation.

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).

New financial targets and business update

Good start but sales commission still too high

Solid start in Q1. Higher sales commissions weigh down on EBIT in '25e-'26e. Fair value revised down to SEK 8-15 (9-16).