Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
MEDARTIS - BUY | CHF80(-11%) Remove Medartis from top picks after strong performance Medartis doubled YTD, and returned 28% since entering top picks Extremities still offers great growth to LT investors Largest opportunities still ahead Retain BUY TP CHF80, inorganic growth key catalyst for share
MEDARTIS - BUY | CHF80 VS. 60(-2%) Reaching for the stars, in post-COVID extremities US strategy paying off KeriMedical allows Medartis to touch new markets More M&A on the agenda Update estimates TP EUR 80 (from EUR 60), retain BUY
MEDARTIS - BUY | CHF57(+49%) 1H19 beat highlights resilience in Extremities 1H19 beats +12% on revenue vs consensus Trauma surgery demand remains robust in spite of COVID Managing cost and FX likely to remain volatile in 2H19 Re-iterate Buy and FV CHF57
MEDARTIS - BUY | CHF57 vs. CHF64 (+46%) Medartis’ strong focus on trauma will be key in this challenging environment 2020 guidance withdrawn due to global spread of Covid-19 Strong disruption in procedures, but traumatology is less affected Medartis should benefit from the resilience of trauma A well experienced executive to take over US business
MEDARTIS - BUY | CHF64(+58%) Very reassuring operational performance in H2 2019 Good growth in 2019, supported by strong H2 figures EMEA remains Medartis’ main driver US region will be a major area of focus in 2020 Launches, M&A and management focus to drive growth
MEDARTIS - BUY | CHF64 vs. CHF74,5 (+44%) Cutting our numbers following H1 2019 results Uncertainties ahead of EU MDR driving most of the downgrade US set to accelerate in coming quarters A hint to upcoming M&A? Lower FV reflects FY19 guidance cut and weak EU until mid-2020
MEDARTIS - BUY | CHF74,5(+34%) FY18 numbers in-line, sustained double digit growth in ’19 Strong sales growth in ’18 driven by LATAM Profitability in-line with expectations (adj. for IPO costs) Limited details around “double-digit growth sales†for ’19
MEDARTIS - BUY vs. NEUTRAL | CHF74.5 vs. CHF71 (+28%) Self-injured despite bang-in line FY18 numbers. Upgrade to Buy Stepping-up organic growth Misleading wording when it comes to an in-line margin Share price back to very attractive levels, Upgrade to Buy Updating peers multiple group and FV to EUR74.5
We hosted a roadshow with the CEO, CFO and IR of Medartis and returned confident on the execution of the strategy laid out at the IPO. The key topic discussed with investors was the US, lagging slightly behind the initial plan as of H1 2018 results. However, the sales team build-up is progressing nicely but most importantly the development of IBRA in the country and modifications to some products to fit country specific surgeons’ needs, set to drive adoption, is well on track. CHF73 FV reitera...
Medartis: (NEUTRAL, Fair Value CHF73 vs. CHF67 (+1%)) Strong H1 FY18 sales guidance in-line while profitability slightly behind on investments Medartis released strong H1 results with sales up 23% and EBITDA margin of 14.8% (down 250bp despite hefty investments). Geographical sales mix points to strong APAC and LatAm while US is slightly behind. FY 2018 sales growth guidance in the “high teens†falls in-line with consensus. EBITDA margin guidance a touch below consensus is not a concern in o...
Medartis, a Swiss Medtech company, is a pure player in the trauma market, exclusively focused on extremities and craniomaxillofacial (CMF) fractures. The company has developed high quality, unique and differentiated products that feature improved ease-of-use enabling better patient outcomes. Continued commercial roll-out of the group’s product portfolio should generate a 2017-2022e CAGR in sales of 17%. Continuous innovation with the launch of new products and expansion of the KOL network shou...
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