Vimian Group AB Step in the right direction; remain Neutral

研报英文原文证据摘录

Vimian Group AB Step in the right direction; remain Neutral

Global Research

27 July 2026ab

Vimian Group AB Equities

SwedenStep in the right direction; remain Neutral

Medical Supplies

12-month rating Neutral

Good momentum in a mixed market

At Q2, Vimian printed its first double-digit organic growth quarter in two years (10% 12m price target SKr35.00

underlying, adjusted for the Costco campaign - otherwise 12%). We think this is Prior : SKr31.00

encouraging given an unstable market (peer Swedencare reported a temporary dip in US

Price (24 Jul 2026) SKr33.75

pet health demand in May amidst macro uncertainty). Altogether, we think Vimian is on

its way to proving it can deliver the double-digit medium-term growth its valuation RIC: VIMIAN.ST BBG: VIMIAN SS

implies (40% PE premium to EU Medtech), but remain Neutral until we see more

Trading data and key metrics

evidence of the durability of this performance against tougher H2 comps.

52-wk range SKr36.26-24.92

What did we learn from Q2? Market cap. SKr17.7b/US$1.82b

Shares o/s 524m (ORD)

++ve: Medtech: Second-largest division (c.35% of sales) delivered first double-

Free float 41%

digit organic growth quarter since mid-2024 and was the largest contributor to

group growth. This was driven by a second consecutive quarter of >10% Avg. daily volume ('000) 401

OUS Ortho growth and Dental acceleration. Dental operating leverage (organic Avg. daily value (m) SKr12.1

and acquired) also supported margin expansion despite investments in US Ortho. Common s/h equity (12/26E) €0.75b

P/BV (12/26E) 2.2x

+ve: US Ortho: Met the key investor bar of an inflection to low-single-digit Net debt to EBITDA (12/26E) 1.5x

growth; an initial proof point that salesforce investments are having effect.

EPS (UBS, diluted) (EUR)