Elekta has been cautious on market activity in China We lift sales by 3% for ‘22e, 5% for ‘23e and 4% for ‘24e. The bump in ‘23e is mainly from the delivery of the EU tenders, with Spanish orders that should be delivered in H2’23. We lift ‘23e EBIT by 8% as the sales drop-through more than offsets assumed opex increases. China should be the biggest swing factor for H2’22e. We have assumed only a modest recovery given the recent cautious market commentary from Elekta.
70% below its peer group at 12x ’23e EV/EBIT C-RAD is one of the fastest growing companies in its peer group (using FactSet consensus), with a 50% EBIT CAGR in ’20-’25e. It is trading 70% below pe ... Läs mer på ABG Sundal Collier
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