Coloplast A/S Nicely set to lower hurdle to investment

研报英文原文证据摘录

Coloplast A/S Nicely set to lower hurdle to investment

Global Research

8 July 2026ab

Coloplast A/S Equities

DenmarkNicely set to lower hurdle to investment

Advanced Medical Devices

12-month rating Buy

Q3 another important step on the road to recovery

Our Buy rating on Coloplast rests on three key pillars: (1) the Chronic Care business 12m price target DKr530.00

sustaining its recent momentum and disproving concerns around structural growth

pressures; (2) new CEO Gavin Woods articulating a more focused and simplified strategy

Price (07 Jul 2026) DKr406.50

that can drive stronger operational execution; and (3) management resetting mid-term

guidance to a more achievable level, creating scope for a return to a consistent "beat- RIC: COLOb.CO BBG: COLOB DC

and-raise" profile. We believe the Q3 results on 18 August can provide encouraging

Trading data and key metrics

evidence on the first two points through continued solid trading and early strategic

52-wk range DKr630.60-372.30

messaging from the new CEO. While we do not expect any change to mid-term

guidance at Q3, we see the full-year results in November as the more likely venue for Market cap. DKr91.2b/US$13.9b

such an update. Overall, we see a positive catalyst path over the coming months and Shares o/s 224m (ORDB)

reiterate our Buy rating. Free float 64%

Avg. daily volume ('000) 384

1) Results can de-risk this year and help disprove chronic care concerns Avg. daily value (m) DKr153.3

Coloplast reports Q3 results on 18 August and we expect performance to be broadly in Common s/h equity (09/26E) DKr16.3b

line with consensus, with 6.1% organic growth and adjusted EBIT of DKK 1.9bn. We P/BV (09/26E) 5.6x

model stronger Ostomy growth than consensus at 6.5%, while we estimate Wound Net debt to EBITDA (09/26E) 2.5x