Elekta AB: Q4 Review: Orders dynamics raise questions around future growth

研报英文原文证据摘录

Elekta AB: Q4 Review: Orders dynamics raise questions around future growth

Equity Research

European Medical Technology & Services

29 May 2026

Elekta AB

Q4 Review: Orders dynamics raise

questions around future growth

Significant order and revenue miss weighed on shares EKTAb.ST/EKTAB SS UNDERWEIGHT

(-13.2% vs SXDP -0.7%) and we see risks stemming from a) Unchanged

European Medical

softer orders in Q1, b) reimbursement “crisis” in US (see our Technology & Services POSITIVE

Unchanged

ESTRO note), c) VAR launch at ASTRO and d) high mgmt. Price Target SEK 44.50

lowered -3% from SEK 46.00expectations for China. We see revenue risk and sit 3-5%

below cons. EPS. Price (28-May-26) SEK 53.35

Potential Upside/Downside -16.6%

Source: Bloomberg, Barclays Research

We update our numbers following the company's Q4 results (see Q4 first take: Significant order

and sales miss in focus, 28 May). The quarter was characterised by a significant miss on both Market Cap (SEK mn) 20463

orders and sales, although adj EBIT came in ahead, supported by cost savings. The order decline Shares Outstanding (mn) 383.57

was somewhat due to changes in order acceptance (started in Q2 last year so could also weigh Free Float (%) 95.27

on Q1) and further compounded by delayed orders in the Middle East (which is c.10% of sales). 52 Wk Avg Daily Volume (mn) 1.2

The magnitude of the decline (-15%) came as a disappointment, in our view, and raises Dividend Yield (%) 4.51

questions around future revenue growth expectations, which we subsequently cut. That said, Return on Equity TTM (%) -0.43

the US was a bright spot, with CT linac orders up DD owing to EVO, although we see risks Current BVPS (SEK) 21.62

associated to changes to US reimbursement and the potential for elongated replacement cycles Source: Bloomberg