Coloplast A/S: Q3 Preview: Perspectives from CEO’s first 100 days

研报英文原文证据摘录

Coloplast A/S: Q3 Preview: Perspectives from CEO’s first 100 days

Equity Research

European Medical Technology & Services

3 July 2026

Coloplast A/S

Q3 Preview: Perspectives from

CEO’s first 100 days

We expect sequentially softer organic in Q3 of +5.4%, below COLOb.CO/COLOB DC EQUAL WEIGHT

cons. (+6%), as we trim Ostomy on softer China. We also Unchanged

European Medical

expect Kerecis dynamics to be a focus, alongside CEO's Technology & Services POSITIVE

Unchanged

perspectives on strategy. Continue to see a potential reset of Price Target DKK 500.00

UnchangedMT targets as an overhang.

Price (01-Jul-26) DKK 378.70

Potential Upside/Downside +32.0%We expect sequentially softer organic growth in Q3 q/q (+5.4% vs +6.2% Q2) driven

Source: Bloomberg, Barclays Research

predominately by headwinds in the Biologics outpatient setting, a softer China Ostomy market,

and the last quarter of impact from the Product recall in China Wound Dressings as it

Market Cap (DKK mn) 86419annualises. Kerecis performance will be a focus, particularly any signs of a further slowdown in

Shares Outstanding (mn) 228.20the inpatient setting owing to spillover from the outpatient setting. We will also be watching

Free Float (%) 65.56closely for initial perspectives from the new CEO's first 100 days and any indications around

52 Wk Avg Daily Volume (mn) 0.3changes to strategy or midterm targets, the latter of which remains an overhang, in our view.

Dividend Yield (%) 6.06We do see Coloplast as amongst the most exposed to cost inflation in the sector based on our

Return on Equity TTM (%) 14.14relative COGS framework (see MedTech back from the dead? Assessing inflation risk, 1

Current BVPS (DKK) 57.04June), and believe this to be a risk for next year (see Feedback from a Conversation with the C-