European MedTech "Postcards from Europe" Doyle

研报英文原文证据摘录

European MedTech "Postcards from Europe" Doyle

Global Research

19 June 2026ab

European MedTech Equities

Europe including UKPostcards from Europe

Healthcare

Graham Doyle

Investors hopeful ahead of a potential inflection Analyst

Based on our meetings in continental Europe this week, we believe investors are now graham.doyle@ubs.com

cautiously constructive, with growing openness to a sector recovery driven by improving +44-20-7568 2587

growth trajectories and supportive valuation. While near-term concerns persist— Kavya Deshpande

particularly around the timing of acceleration and macro sensitivity—many investors are Analyst

engaging with the idea of a Q3 inflection in revenue and EPS growth, potentially kavya.deshpande@ubs.com

catalysed further by external factors such as the US mid-term elections. Positioning +44-20-7567 8515

remains selective, with investors focused on companies with more mechanical margin Thyra Lee

improvement in H2 (required across most companies), where management Analyst

communication is clear and unequivocal on what assumptions underly their guidance, thyra.lee@ubs.com

and lastly where management has provided a framework for how to think about +44-20-7568 0083

inflation into 2027. Convatec (Buy) and Fresenius SE (Buy) dominated discussions this

week.

Key sector themes -> timing of growth recovery and re-rating potential

The dominant sector debate centres on whether growth acceleration materialises into

Q3 and whether this can re-rate a sector that has lagged amidst a perceived capital

rotation into the technology sector. Margins (particularly into 2027), H2 weighting, and

the credibility of management guidance remain key diligence points. Several investors

highlighted valuation support and improving fundamentals as reasons for optimism,