Bildkälla: Stockfoto

Stille: With surgical precision - Redeye

Redeye initiates coverage of Stille, a high-quality producer of surgical instruments and
operation tables set to rebound. The company offers a steady growth play supported by
current healthcare trends. Future M&A-activity and leveraging its strong sales channels
should close the gap to our Base Case – some 36% up from current levels.

Based on a discounted cash flow model, our fundamental analysis suggests an upside of
36% to our Base Case of SEK 153 per share (Bull and Bear of SEK 196 and 77, respectively).
According to us, the case revolves around the four factors of growth discussed above. As
such, as Stille moves forward, its quarterly results carry significant weight to the share
price and should help close the valuation gap.
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