ConvaTec Group PLC: Trading update review: An even more H2‑skewed year

研报英文原文证据摘录

ConvaTec Group PLC: Trading update review: An even more H2‑skewed year

Equity Research

European Medical Technology & Services

22 May 2026

ConvaTec Group PLC

Trading update review: An even

more H2-skewed year

Slightly more of a H2 growth skew than thought but much CTEC.L/CTEC LN OVERWEIGHT

more on margins leaves investors questioning the ramp and Unchanged

European Medical

downside to guidance. We view it as achievable and see Technology & Services POSITIVE

Unchanged

launches, IC capacity and phasing as key drivers. We view Price Target GBp 300

lowered -6% from GBp 320weakness as a buying opportunity.

Price (21-May-26) GBp 204

Potential Upside/Downside +47.3%We update numbers following the company's 4-month print (see: Trading update first take:

Source: Bloomberg, Barclays Research

Softer start, H2 accel as planned, patch pump deal announced, 21 May). The company saw

a slightly softer start (+1.6% organic for 4m inc IMX) leaving growth more skewed to H2,

Market Cap (GBP mn) 3980and this coupled with a more pronounced margin ramp in H2 weighed on shares yesterday

Shares Outstanding (mn) 1954.85(-6% vs FTSE 100 flat). We expect this to remain an overhang on the stock with investors

Free Float (%) 99.85questioning the guide, though we view it as achievable and underpinned by a rich product

52 Wk Avg Daily Volume (mn) 5.5pipeline scaling through H2 and beyond, order phasing driving a step-up in IC, as well as

Dividend Yield (%) 2.64continued execution. We forecast c.+7% organic growth in H2 for the underlying business

Return on Equity TTM (%) 10.91vs. 5% in H1. On IMX, we take a conservative stance on the H2 recovery given ongoing

Current BVPS (GBp) 77uncertainty, and forecast c.$15m of revenues this year vs guidance of $20m, following LSD

Source: Bloomberg