Med en vækst der ligger over markedet vurderes Coloplast til at være lettere undervurderet med en Price/Fair Value på 0,95

Coloplast præsenterede for nyligt et fornuftigt regnskab for første kvartal, der bl.a. bød på en forøgelse af markedsandelen i England.

Debbie S. Wang 04/02/2016
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Investeringskommentar, Debbie S. Wang, Analyst, 2/2/2016

Coloplast posted solid first-quarter results that largely met our expectations, and we’re leaving our fair value estimate unchanged at DKK 548 per share. The quarter was characterized by above-market growth in the ostomy and wound-care segments. As we expected, the narrow-moat firm’s distribution subsidiary in the United Kingdom has continued its recovery now that the appropriate information technology systems are in place and fulfillment processes have been adjusted. Management indicated that Charter Healthcare has gained market share in the profitable U.K. market by converting new customers as well enticing some former customers to return.

We are eager to see how much progress Coloplast is able to make in the U.S. this year as several major group purchasing organizations are entertaining new contracts. With any luck, Coloplast could see significant gains in its U.S. ostomy business if the firm can land a contract or two. On the strength of Coloplast’s technology and thoughtful design, we think the firm could convert loyal end users from a far larger pool of ostomy patients once it is included in a major contract. We estimate that Coloplast can continue to outpace the ostomy market with 7% average annual growth through 2020.

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Om forfatteren

Debbie S. Wang  Debbie S. Wang is a senior analyst with Morningstar.

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