Coloplast A/S | 欧洲 疑问犹存

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M

Idea

August 19, 2026 03:30 AM GMT

Morgan Stanley & Co. International plc+

Coloplast A/S | Europe

Aisyah Noor

Equity Analyst

Questions remain

Alejandra Galindez

Research Associate

What’s Changed

Coloplast A/S (COLOb.CO)

From

To

Price Target

DKr 345.00

DKr 370.00

Near-term earnings trajectory remains clouded by US Wound

Biologics pricing cuts and China market headwinds, although

upcoming midterm guidance update presents opportunity for

more clarity on the LT growth outlook. Stay Underweight,

pending visibility on an earnings trough; PT to DKK 370.

Key Takeaways

Jack Reynolds-Clark, CFA

Equity Analyst

Coloplast A/S (COLOb.CO, COLOB DC)

Medical Devices | Denmark

Stock Rating

Industry View

Price target

Shr price, close (Aug 18, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (09/26e) (mn)*

*EV (09/26e) (mn)

Underweight

In-Line

DKr 370.00

DKr 435.60

DKr 646.60- 369.70

DKr 96,246

DKr 21,145

DKr 117,482

* = GAAP or approximated based on GAAP

Updating model and PTs post FQ3 results, which beat on sales/EPS, partly from

Fiscal Year Ending

09/25 09/26e 09/27e 09/28e

order phasing benefits and lower net interest

Sales / Revenue (DKr

mn)**

EBITDA (DKr mn)**

EBIT (DKr mn)**

EPS (DKr)**

Prior EPS (DKr)**

P/E**

*EV/Revenue

*EV/EBITDA

*EV/EBIT

DPS (DKr)

Div yld (%)

FCF yld ratio (%)**

Net debt (DKr mn)*

Net debt/EBITDA**

ModelWare EPS (DKr)

27,874 28,972 30,832 32,808

Next catalyst is upcoming midterm update in November where we see scope for a

downgrade to ~5-7% organic sales growth and commitment to mid-20's EBIT

margin

Bear case assumes ~5% OSG and 24-25% margin in 2027, equating to ~-9%

downside to cons 2027 EBIT

We are fielding investor debate on whether the upcoming midterm guidance update

could represent an entry point for Coloplast shares and what are areas of risk to

earnings from here. As a reminder, the last two years have seen Coloplast face a ~25% earnings downcycle from China Ostomy consumer headwinds, US Wound

Biologics pricing cuts, product recalls in Urology and Wound, and a change in CEO.

We see the following debates for the investment case ahead of the event, and

9,123 11,989

9,438

9,970

7,670

…