Straumann: Expert call feedback: Implant VBP likely delayed to 27’ supports bull thesis

研报英文原文证据摘录

Straumann: Expert call feedback: Implant VBP likely delayed to 27’ supports bull thesis

120.00 CHF / 12.00 USD

with potentially less price cut). Date Established 29-Apr-2026 / 31-Mar-2026

Investment Opinion B-1-7 / C-1-7

China dental market remains a volume-growth story 52-Week Range 73.02 CHF-111.75 CHF

The expert sees China implant market growth of 20–30% as potentially sustainable for Market Value (mn) 14,322 CHF

5–10 years, after 30–50% growth in 2023–24 post-VBP. Most growth has so far come Shares Outstanding (mn) 159.5 / 1,594.6

from large cities, but she expects value implants to grow faster as penetration broadens. Average Daily Value (mn) 45.09 USD

She noted Straumann slowed last year, but against high comps from the previous two Free Float 71.1%

years. In her view, Straumann’s distributor expansion from c50 to c130 distributors BofA Ticker / Exchange SAUHF / SWX

supported strong growth, but also created some inventory build-up and pressure for BofA Ticker / Exchange SAUHY / OTU

certain distributors. That said, she believes underlying demand for Straumann remained Bloomberg / Reuters STMN SW / STMN.S

resilient. ROE (2026E) 21.8%

Other topics: Premium implant, Neodent, Clear Aligners Net Dbt to Eqty (Dec-2025A) -22.0%

1) Premium implant: She noted some private clinics have pushed Nobel after

Straumann shifted to local production, but expects only marginal impact, with share VBP = Volume-based procurement

mostly moving between the two. Local competitors may become a threat in the

NHSA = National Healthcare Securitymid/long term, with some already obtaining marketing registration, but she did not point

Administrationto an immediate premium threat. 2) Neodent: Registration had already started during

her time at Straumann.