The realised sales attainment in Q2’21 was between index 120-170 compared to Q2’20 (our estimate averaged around index 130), with the higher end of the range being realised in June. Our take from this is that underlying demand is returning to normal. Ôssur has therefore reiterated its FY’21 guidance. The company’s range for FY’21 organic growth is 10-15% but management now is leaning towards the middle of the range (ABGSCe 13.8%, consensus 13.5%). We, however, note that this seems like a conservative approach, to account for the uncertainty arising from the ongoing pandemic and with the new Delta variant. We furthermore note that the bionic sales pipeline remains strong going into H2’21.
Scenario-based fair value range unchanged
We slightly update our estimates to reflect the stronger than expected B&S segment while reiterating our scenario-based fair value range of DKK 38-71.
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