We believe C-RADs past four quarters with organic order growth in the range of 17-49% are evidence of SGRT’s progress to become the standard of care. The implementation is driven by the shift towards advanced high dose RT treatments, where the importance of an accurate patient position is magnified. This trend has, according to the company, accelerated because of the pandemic, which should continue to drive broader adoption of SGRT. However, we also find that the recent high growth implies that C-RAD is outgrowing the market and taking market share from its competitors.
’21-23e EV/Sales of 7-5x, new fair value range of SEK 44-94
On the back of the report, we have increased our ’21-23e EBIT by 7-4%, driven by higher service revenue and a higher gross margin. We have made minor revisions to our DCF scenarios, which yield a new fair value of SEK 44-94 per share. C-RAD is currently trading at ’21-23e EV/Sales of 7-5x for our forecasted ’20-25e sales CAGR of 16%.
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