Getinge (Buy, TP: SEK250.00) - An in-line report, but global turbulenc...

Reported Q1 earnings were in line with consensus. However, we still believe the turbulent environment with tariffs, huge FX swings and geopolitical uncertainty could hurt the company. We suspect these factors could have a large effect from Q2. The stock market probably read the comments on the global environment as a risk, leading to the sell-off in the stock. We reiterate our BUY and SEK250 target price.

Lack of clarity on margins in '25e

Strong sales, but lower margins in Q1

Good start to the year in Q1e

Getinge (Buy, TP: SEK250.00) - FX and tariffs cause for concern

Given its geographical sales exposure, Getinge should see a strong tailwind from FX in Q1, but if spot rates stay as they are, this should turn abruptly into a significant headwind in Q2. Investors are also concerned about the potential impact from US tariffs and reciprocal actions in other markets, given that Getinge generates c40% of total sales (and c47% of the high-margin ACT sales) in the US. We reiterate our BUY, but have trimmed our target price to SEK250 (255).

EU tariff summary for Swedish small caps

Getinge (Buy, TP: SEK255.00) - Strong finish to 2024

Q4 earnings were stronger than expected, and YOY organic growth was 9.2% for sales and 7.4% for order intake, well above consensus. The recently acquired Paragonix is performing well, with 65% reported growth YOY. Getinge will phase out Surgical Perfusion over 2025–2026, which should have a minor positive effect on the adj. EBITA margin in 2025e (potentially larger effect in the coming years). We reiterate our BUY and have raised our target price to SEK255 (245).

Strong Q4 saves the year

Strong beat in Q4, higher NRIs

Low growth but margin uplift in Q4e

Getinge (Buy, TP: SEK245.00) - Focus on 2025 guidance

Given the good share price performance since its mid-November low, which we expect to continue going into 2025, we believe investors will start to see the light at the end of the tunnel. We are in line with Q4e consensus, and reiterate our BUY and SEK245 target price.

Getinge AB: 1 director

A director at Getinge AB bought 20,000 shares at 179.780SEK and the significance rating of the trade was 58/100. 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 s...

Getinge (Buy, TP: SEK245.00) - Soft earnings, but strong orders

Earnings were softer than expected in Q3, but order intake was c3% above expectations with organic growth of c7.4% YOY. Sales were flat YOY. Q4 should see a lot of deliveries (as is typical), but this should already be priced in. We reiterate our BUY but have trimmed our target price to SEK245 (250).

Cautious margin outlook mid-term

Weak on earnings but good order intake

Quality issues holding back growth

Q3e: Low growth and margin pressure due to HLS/PLS. Adj. EBITA revised down 2.0% in '24e, and 0.1-0.6% for '25e-'26e. Q3 '24e due 18 October at 08.00am CET.

Positive US hospital capex outlook for H2'24

Getinge (Buy, TP: SEK250.00) - We expect a good Q3

The Paragonix Technologies acquisition within organ transplantation has been consolidated, we expect the underlying Life Science market to have stabilised in China (not yet back in growth mode), and we forecast decent Q3 earnings. We reiterate our BUY, with a raised target price of SEK250 (240) on our estimate changes.

US acquisition into new sub-segment

ACT saves the quarter

Earnings beat in Q2 driven by ACT. '24e-'26e adj. EBITA up 1.0-3.6%. HOLD maintained, TP up to SEK 200 (187).