Elekta på linje med forventningene

Vi opprettholder vår verdsettelse og 'Wide Moat'-rating for Elekta i etterkant av førstekvartalstallene. 

Alex Morozov, CFA 02.09.2015 | 10:59

[Merknad, Elekta AB har avvikende regnskapsår, red.anm.]

We're maintaining our valuation and our wide moat rating for Elekta, following its first-quarter results. The company actually delivered slightly better results on the revenue and orders side than expected, but given that the first quarter is typically the smallest, and given that much of the US bounceback is due to delivery of delayed software contracts, Elekta maintained its full-year outlook. This year remains one of stabilisation for Elekta; from that perspective, a lack of bad news is good news for this battered company. Shares remain significantly undervalued.

Overall, Elekta delivered 4% constant currency sales growth and a 5% constant currency decline in orders in the quarter. By region, orders in the Americas were up 13% on a constant currency basis, orders in EMEA were down 30% and orders in Asia-Pacific were up 12%. Sales were up substantially in the Americas (13%), but much of that is due to delivery of delayed software contracts. Adjusted for this anticipated pickup, the US market didn't demonstrate substantial improvement, and the company is still in the midst of its reorganising efforts to get its growth on track in this key market. EMEA orders were down, largely due to tough comps, while Asia-Pacific performance was good in China, Australia and India, but was flat in Japan and down in Southeast Asia.  

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Navn på verdipapirPrisEndring (%)Morningstar Rating
Elekta AB Class B88,00 SEK-1,19

Om forfatteren

Alex Morozov, CFA  Alex Morozov is the director of the health-care team at Morningstar.

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