Uskomme edelleen Elektan näkymiin

Heikko kolmas neljännes pistää paljon paineita tilivuoden viimeiselle neljännekselle.

Alex Morozov, CFA 05.03.2015

Morningstarin Euroopan osaketutkimuksen johtaja Alex Morozov kommentoi Elektan kolmannen neljänneksen tulosta.

“Despite the weakness in the third quarter for Elekta, we're maintaining our favorable long-term opinion. We're planning to slightly reduce our local currency full-year forecast for top-line and earnings growth, but the currency tailwind makes the overall impact on valuation immaterial. The company saw demand decelerate in the United States, Japan, Russia, and China, but management was adamant that much of the weakness was due to timing, and it maintained its full-year targets both on the top line and cash flow. Our wide moat rating is unchanged, and we believe the stock remains undervalued.

“Trends flipped in the third quarter, with Europe, the Middle East, and Africa rebounding after the weak second quarter, while the North American market showed substantial order deterioration; China, Russia, and Japan also slowed. Asia Pacific disappointed for the second quarter in a row; Elekta's outsize exposure to this marketplace relative to its competitors offers greater growth opportunity but also leaves it more vulnerable to broad order delays, which was again the case in this quarter. The company did have tough comps in the quarter, both in the U.S. and China, with large deals with McLaren Health and PLA booked in the third quarter of last year. 

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Sijoituskohteen nimiHintaMuutos (%)Morningstar rating
Elekta AB Class B89,20 SEK0,16

Tietoja kirjoittajasta

Alex Morozov, CFA  Alex Morozov is the director of the health-care team at Morningstar.

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