Key Launches Improving Growth Outlook. Buy at $51 PT.

研报英文原文证据摘录

Key Launches Improving Growth Outlook. Buy at $51 PT.

Enovis Corp UBS Research

UBS Research THESIS MAP Thesisa guideMapto our thinking and what´s where in this report

Pivotal Questions Q: Can ENOV drive growth acceleration towards at least in-line-with orthopedics market

growth?

Yes, we expect ENOV to grow at an ~5% reported sales CAGR over the '26-'29 with organic growth

seeing a step up from ~4.3% in 2026 to 5.1% in 2027. This compares to ortho market growth at ~4-

5%. We project P&R growing at a ~2% CAGR and Recon growing at an ~8% CAGR -- with a path to

acceleration driven by the company's "multi-year roadmap" of new product launches.

Q: Can ENOV see consistent adj. EBITDA growth over the near to medium term?

Yes, we expect ENOV to organically grow its Adj. EBITDA margin to ~23.8% exiting 2030 (~100 bps/

yr over the 2026-2030 period), which is likely conservative given continued mix shift towards ENOV's

higher-margin Reconstructive segment.

UBS VIEW We assume coverage of ENOV with a Buy rating. We model sales growth at a ~5% CAGR over the

2026-2029 period with the company's Prevention & Recovery (P&R) segment growing at a 2% CAGR

and its Reconstructive segment growing at an 8% CAGR. Our sales estimates are above consensus

through 2029 driven by higher Recon estimates. In addition, there are several potential upside drivers

to ENOV's top line that may make our estimates conservative, including: 1) ENOV's acquisition of

LimaCorporate for ~€800M, which now integrated into the core business should realize all cross-

selling opportunities through international channels, 2) greater than expected share gain in

extremities, 3) key new product launches, and 4) potential for P&R growth revitalization by a

stabilized supply chain and more robust pricing power.