Initiate at OP: Hacked, but Not Broken; Cyber Disruption Is a Buying Opportunity

研报英文原文证据摘录

Initiate at OP: Hacked, but Not Broken; Cyber Disruption Is a Buying Opportunity

ensus Estimates

competitive moat, in our view. With 3,000+ systems installed globally and 2 million 2025A 2026E 2027E

+ cumulative procedures, the platform is deeply embedded in hospital workflows. The EPS $14.97 $16.74

razor/razorblade model drives predictable, recurring revenue, while new applications

Valuation

in shoulder, revision hip, spine, and the handheld Mako RPS extending the growth

2025A 2026E 2027Erunway.

P/E 24.2x 22.0x 19.7xExpansion into cardiovascular marks a portfolio transformation. The Inari Medical

acquisition establishes a presence in the ~$15 billion VTE market growing at ~20% EV/EBITDA 19.4x 17.6x 15.8x

annually, while the recently closed Amplitude Vascular acquisition adds a next- EV/Revenue 5.4x 5.0x 4.6x

generation intravascular lithotripsy platform targeting calcified arterial disease. Both QTR. EPS Q1 Q2 Q3 Q4

businesses leverage overlapping vascular call points, and AVS introduces longer-term 2025A $2.84 $3.13 $3.19 $4.47

coronary optionality, we believe positioning Stryker as an emerging cardiovascular

2026E $2.60a $3.48 $3.71 $5.18player beyond its Orthopedic and MedSurg roots.

2027E $3.67 $4.04 $4.14 $4.91End markets remain favorable across Stryker’s ~$81 billion TAM, growing at a mid-

single-digit CAGR, with several segments expected to sustain high-single-digit growth

through 2028. Structural tailwinds, including aging demographics, ASC migration, and

underpenetrated international robotics adoption support durable demand.

Valuation particularly compelling. Shares trade at ~21x NTM P/E, below historical

averages. For SYK to reclaim its ~25x pre-cyber attack multiple, we believe strong 2Q