ABG har mod betaling udarbejdet denne analyse af Össur:
FY’22 guidance reiterated
- Despite Q1’22 being slightly weaker than consensus…
- …we see limited downside to FY’22 consensus
- Reiterate fair value range of DKK 32-60
Strong growth in EMEA, while APAC sees COVID headwinds
Össur’s Q1’22 was slightly below company-collected consensus. Organic growth was 6% (cons. 8%) with an EBITDA margin of 16% (cons. 18%). The sales growth was driven fairly equally by both segments, while the EMEA region reported strong growth of 10%, Americas more neutral at 4% and the APAC region negative growth of 6%, primarily due to COVID in China (~3% of group sales in FY’21), which we estimate resulted in ~USD 1m in lost sales in Q1’22. We expect to see an additional USD 1.5m in lost sales in Q2’22 from COVID in China.
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