ABG Sundal Collier har mod betaling udarbejdet denne analyse af Össur:
- ABGSC survey reveals an optimistic US O&P outlook…
- …and indicates positive future margin trends
- We raise our fair value range to DKK 38-71 (35-68)
Survey says: Pent-up demand is being realised in FY’21
This report shows the result of an ABGSC survey designed to gain insight from the US O&P clinicians of their view on FY’21 operational levels and the mid-to-long term outlook, both overall and in terms of key margin driving aspects. We found that the majority of participants (64%) expect to see some pent-up demand in FY’21 following the lifting of restrictions, and only 10% say that business was lost during lockdown. Furthermore, we spoke with key competitor, Ottobock, which indicates that its growth outlook was similar to Össur at the beginning of FY’21, however, Q2’21 has exceeded expectations with e.g. pent-up demand being realised. In conclusion, we are confident in Össur’s ability to reach the high end of its current 10-15% organic growth guidance (which includes pent-up demand); we raise our estimate to 13.8% (cons. 13.6%) and expect the FY’21 organic growth guidance range to be lifted.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
