European Medical Technology & Services: Sector valuation sheet

研报英文原文证据摘录

European Medical Technology & Services: Sector valuation sheet

EUROPEAN MEDTECH & SERVICES Monday, June 22, 2026

Research J.P. Morgan Cazenove

David Adlington +44 (0) 20 7134 5828 david.adlington@jpmorgan.com 25 Bank Street

Anchal Verma +44 (0) 20 3493 6144 anchal.verma@jpmorgan.com London

Specialist sales E14 5JP

Marjan Daeipour +44 (0) 20 7134 1329 marjan.daeipour@jpmorgan.com

y/e Ccy SPx M.Cap JPM JPM up / PER EPS EV/EBITDA EBITDA EV/EBIT EBIT

(US$m) Rec. PT down 2026 2027 2028 2026-28 2026 2027 2028 2026-28 2026 2027 2028 2026-28

Alcon Dec CHF 52.9 26,414 N 62.5 +18% 19.1 16.9 16.0 10% 11.0 10.2 9.7 10% 13.4 12.4 11.8 10%

Ambu Sep DKK 63 2,597 N 78 +24% 26.1 19.6 15.7 23% 12.9 10.5 8.4 16% 18.7 13.8 10.7 22%

Amplifon Dec EUR 10.2 3,180 N 16.7 +63% 12.6 10.5 9.4 16% 7.0 6.4 5.9 7% 15.5 12.8 11.3 15%

bioMérieux Dec EUR 69.0 8,167 N 120.5 +75% 15.0 13.4 11.5 8% 8.0 7.4 6.6 6% 11.5 10.4 8.9 7%

Carl Zeiss Sep EUR 25 2,555 UW 22 -13% 22.7 16.7 13.8 4% 9.7 8.2 7.5 2% 17.3 13.2 11.5 3%

Coloplast Sep DKK 379 13,243 N 484 +28% 15.0 13.6 12.1 20% 11.2 10.1 9.1 7% 13.8 12.3 10.9 7%

ConvaTec Dec GBp 207 5,339 OW 294 +42% 14.7 12.5 10.9 12% 9.5 8.3 7.2 8% 11.1 9.6 8.4 9%

Demant Dec DKK 248 8,039 OW 250 +1% 19.3 16.8 14.7 29% 11.9 10.5 9.5 9% 16.4 14.6 13.1 9%

Diasorin Dec EUR 63.8 4,115 UW 58 -9% 16.7 14.3 12.7 9% 10.5 9.6 8.9 6% 14.4 12.7 11.4 7%

Elekta Apr SEK 49 1,942 UW 52 +7% 6.0 12.3 12.0 2% 5.2 6.9 6.0 2% 10.4 9.8 9.1 2%

Fresenius Medical Care Dec EUR 40.7 12,519 UW 37.4 -8% 10.7 10.3 9.3 1% 6.8 6.2 5.6 1% 11.4 10.4 9.3 0%

Fresenius SE Dec EUR 39.6 25,551 OW 56.6 +43% 11.1 10.3 9.6 5% 8.7 8.0 7.4 6% 12.7 11.3 10.4 7%

Gerresheimer Nov EUR 25.6 1,013 OW 46.0 +80% 8.1 5.7 -2% 6.7 5.8 9% 12.0 9.8 7%

Getinge Dec SEK 194 5,508 UW 165 -15% 16.8 15.3 3% 9.2 8.3 4% 13.1 11.7 3%