ABG har mod betaling udarbejdet denne analyse af Össur:
Higher cost base to pressure guidance
- Elevated cost base likely to continue through FY’22
- Current guidance points to declining extra costs in H2’22
- Fair value range lowered to DKK 32-60 (35-66)
Limited Russia /Ukraine exposure (Russia ~1% of revenues)
Going into Q1’22, we know that the company has a limited direct exposure to the Russia/Ukraine conflict, having ~1% of sales from Russia (~0% from Ukraine). We update our estimates to account for the termination of sales to Russia, effective 1 March 2022. Össur is furthermore directly impacted by having ~30 outsourced IT personnel in Ukraine, whom the company is helping to the best of its ability. A scenario in which these 30 employees are not be able to work, will not have an impact on the continued operations of the company. Indirectly, the company used to source titanium from Russia, which it has now ceased to do.
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