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Bactiguard: Gradually improving - SEB

Ahead of the Q1 report, we have cut our estimates for 2021 as we have reallocated one of the Zimmer Biomet milestones. We continue to believe that Q3/20 marked the trough for Bactiguard and that the sequential improvements shown in Q4 are likely to continue. The centre of attention for investors in the coming quarters is likely to be sales performance for Zimmer Biomet coated catheters and the progress in terms of new licence deals.

Our new valuation range is SEK 148-192. In this report, we have also included a scenario analysis to highlight the fair value based on different valuation multiples and earnings forecasts for 2022.
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