Elektra AB CMD outlook relies on US and China assumptions that look increasingly challenged

研报英文原文证据摘录

Elektra AB CMD outlook relies on US and China assumptions that look increasingly challenged

Global Research

18 June 2026ab

Elekta AB Equities

SwedenCMD outlook relies on US and China

assumptions that look increasingly challenged Medical Supplies

12-month rating Sell

12m price target SKr41.00Outlook appears to hinge on US assumptions that look a stretch to us

Yesterday, Elekta presented new FY27 and FY26-29 targets. Our extensive investor

discussions suggest the FY27 revenue range (2-4% CER growth) missed the buyside bar, Price (17 Jun 2026) SKr48.16

and the midterm target (mid-single digit revenue CAGR, CER) implies a significant ramp, RIC: EKTAb.ST BBG: EKTAB SS

of which the key driver appears a large inflection in US market share. We understand

why Evo could help on this front, but still view it as challenging given reimbursement Trading data and key metrics

pressures and a likely step-up in competition once Varian launches its new platform later 52-wk range SKr63.25-42.38

this year. Elsewhere, the company aims to defend and strengthen its #1 market position Market cap. SKr18.4b/US$1.95b

in China which look ambitious to us, given the traction being gained by local competitor Shares o/s 382m (ORD)

United Imaging and management's own observations of centralised procurement, Free float 94%

exercises that in other capital equipments segments historically favour local players. Avg. daily volume ('000) 1,492

Avg. daily value (m) SKr81.3

Overall, we believe near-term guidance slightly underwhelmed while the midterm faces Common s/h equity (04/27E) SKr7.59b

a number of challenges. As such, we reiterate our Sell rating, though acknowledge P/BV (04/27E) 2.4x

stronger margin execution. Net debt to EBITDA (04/27E) 1.1x

EPS (UBS, diluted) (SEK)