Getinge AB: 2 directors

A director at Getinge AB bought 2,000 shares at 198.050SEK and the significance rating of the trade was 53/100. 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 sh...

Still cloudy

Soft but not a game changer

Modest growth on tough comps in Q4e

Impressive sales, but modest valuation upside

Higher sales drives beat in Q3

ACT to drive growth in Q3e

Solid Q2, but tariffs could hurt more

Solid earnings beat in Q2

Challenging quarter ahead

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