ABG Sundal Collier har mod betaling udarbejdet denne analyse af Össur:
- B&S sales recovery moving faster than expected
- FY’21 guidance reiterated
- Fair value range unchanged at DKK 38-71
All key markets saw strong sales recovery in Q2’21
Ôssur reported a strong Q2’21 with sales of USD 190m (vs. ABGSCe USD 178m and company-collected consensus of USD 179m), corresponding to total sales growth of 41% (ABGSCe 32%,company-collected consensus 33%). Sales are normalising across all key markets, with strong organic growth coming from both the Americas at 33% and EMEA at 35% while APAC countries grew 18%, which is solid given the fact that sales in the latter region have not been as adversely affected by COVID-19 in 2020. The sales growth is also supported by a stronger than expected sales normalisation within the B&S segment, as sales rose 36% organically (consensus ~31%) with prosthetics also showing strong growth at 30% organically (consensus 29%). Moreover, the company emphasized its continued focus on managing costs in line with the sales recovery and reported a normalised EBITDA margin of 22% (consensus 21%).
