1H26 Results: Operational beat and FY26 guide reiteration

研报英文原文证据摘录

1H26 Results: Operational beat and FY26 guide reiteration

Idea

August 4, 2026 06:15 AM GMT

Morgan Stanley & Co. International plc+MConvaTec Group PLC | Europe Aisyah Noor

Equity Analyst

1H26 Results: Operational beat Aisyah.Noor@morganstanley.comJack Reynolds-Clark, CFA +44 20 7425-6177

Jack.Reynolds-clark@morganstanley.com +44 20 7425-3474

and FY26 guide reiteration Alejandra Galindez

Research Associate

What’s Changed Alejandra.Galindez@morganstanley.com +44 20 7677-2699

ConvaTec Group PLC (CTEC.L) From To ConvaTec Group PLC (CTEC.L, CTEC LN)

Price Target 257p 263p

Medical Devices | United Kingdom

Stock Rating Overweight

Industry View In-Line AlphaSignals Earnings Reaction

Price target 263p

Unchanged In-line Modest revision higher Shr price, close (Aug 3, 2026) 225p

Impact to our thesis Financial results versus consensus Direction of next 12-month 52-Week Range 259-193p

consensus EPS Mkt cap, curr (mn) US$6,181

Net debt (12/26e) (mn)* US$1,494

Source: Company data, Morgan Stanley Research

EV, curr (mn)* US$7,511

Sales in line, with broad strength, while EBIT and EPS beat * = GAAP or approximated based on GAAP

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

consensus on strong execution of the cost saving programme,

Sales / Revenue (US$ 2,439 2,550 2,707 2,862

which offset InnovaMatrix headwinds. FY26 guidance reiterated, mn)**

EBITDA (US$ mn)** 634 700 781 841

while IMX cut was partly anticipated. Share buyback EBIT (US$ mn)** 544 584 651 698

announcement should reassure. Our price target rises to 263p; EPSPrior(US$)**EPS (US$)** 0.18- 0.200.19 0.230.22 0.250.24

Overweight. ModelWare EPS (US$) 0.18 0.19 0.22 0.25

DPS (US$) 0.07 0.08 0.09 0.10

Div yld (%) 2.2 2.6 3.0 3.3

Key Takeaways FCFNet debtyld ratio(US$(%)**mn)* 1,3304.3 1,4943.6 1,2697.3 1,0108.2