ABG har mod betaling udarbejdet denne analyse af Össur :
- COVID-19 impact likely to continue
- Gibaud divestment successfully finalized
- DCF valuation range DKK 33-65 DKK per share
Improved Q3’20 sales vs. Q2’20
Due to COVID-19, the company has been updating the market on the continued progress in terms of sales recovery. We therefore know that sales from July to mid-September have been ~90-100% of those in 2019, well above Q2’20 which saw an organic sales decline of ~26%. For Q3’20, we expect sales to be down 7.6% organically (vs. company-collected cons of ~7.4%) and an EBITDA of USD 26m (vs. cons. of USD 29m). Due to the uptake in COVID-19 cases across Europe and more restrictions implemented, we expect the company to narrow the guidance range towards the lower end. Current guidance is 0 to -8% organic sales growth in H2’20, ABGSCe is at -4.9% for H2’20 and cons is about -3.6%.COVID
