Getinge AB: High quarterly volatility does not warrant a premium multiple

研报英文原文证据摘录

Getinge AB: High quarterly volatility does not warrant a premium multiple

J P M O R G A N Europe Equity Research

20 July 2026

Getinge AB Underweight

GETIb.ST, GETIB SS

High quarterly volatility does not warrant a premium Price (17 Jul 26):Skr233.30

multiple Price Target (Dec-27):Skr165.00

Shares up +10% EOD seemed somwehat overdone, particularly as it reflects a beat European Medical Technologies &

vs relatively low quality consensus. Management again refrained from providing Services

more detailed colour on FY26 margins, which in the context of the recent David Adlington AC

significant quarterly volatility, is unhelpful. Uncertainties surrounding tariffs and (44-20) 7134-5828

cost inflation still remain, while lumpy order and revenue growth trends means david.adlington@jpmorgan.com

confidence in forecasts is likely low. Given the aforementioned points, shares Anchal Verma

trading on 19.9x FY26e / 17.5x FY27e PER screens expensive relative to a (44-20) 3493-6144

significantly de-rated sector (see Fig 1), even more so considering LSD% organic anchal.verma@jpmorgan.com

revenue growth. As such, we remain Underweight. Philip S Omnou

(44-20) 3493-5648

• Still no quantitative margin guidance. Management refrained from philip.omnou@jpmorgan.comJ.P. Morgan Securities plc

providing margin guidance, instead reiterating an ‘ambition for expansion’.

While we understand the need for conservatism, we would generally advocate Specialist Sales contact details:

for management teams to provide quantitative guidance, which would allow us Marjan Daeipour - Specialist Sales -

to put quarterly margin trends into context. Q1 margins were 11.1%, down European Healthcare

100bps y/y on a like-for-like basis, while Q2 margins were up 160bps (ex tariff (44 20) 7134-1329

refunds).