康乐保 (COLOb.CO)：26年第三季度业绩后预测基本不变；维持卖出评级

研报英文原文证据摘录

Equity Research

18 August 2026 | 8:27PM BST

Coloplast (COLOb.CO): Estimates broadly unchanged post Q3 26 results;

maintain Sell

We are updating our estimates post Coloplast’s Q3 26 results.

Q3 26 results broadly in line with consensus; not much incremental clarity.

Overall, we do not believe that Q3 26 results provided a lot of incremental clarity topline trends were a touch better than expected (albeit partly helped by phasing

across certain parts of the business), whilst margin pressure from FX and Kerecis

became more pronounced during the quarter. The update on Strategic Priorities

provided a more explicit view of Coloplast’s new CEO’s assessment of the

organisation’s strengths and opportunities, but management will not provide an

update on medium-term financial targets until FY26 results in November. Prior to

that, we expect the debate on Coloplast shares to center around the appropriate

range for organic growth and margin for FY27 and beyond. We continue to see

downside risk to FY27e margin as a result of input cost inflation, FX and potential

needs for reinvestment to support management’s growth initiatives.

Richard Felton, CFA

+44(20)7552-7872 |

Goldman Sachs International

Lauren Mitchell

+44(20)7774-8731 |

Goldman Sachs International

Relatively modest change to estimates. Overall, we have only made minor changes

to our model; FY26e EPS increases by ~3% primarily due to lower net financials

(which are driven by gains linked to exchange rate adjustments); we have lowered our

FY27/28e EPS by <1%. Our price target is unchanged at DKK 400; we remain Sell

rated.

Based on our updated estimates, Coloplast is currently trading on 17.9x NTM P/E.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors

should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC