Medi-Stim ASA

Medistim is engaged in the developing, producing, service, leasing and distribution of medical devices. Co. develops, manufactures and brings to market the quality assessment systems VeriQ™ and VeriQ C™ for cardiac, vascular and transplant surgery. In addition, Co. is a distributor of other medical devices through its subsidiaries: Medistim Norge AS, Medistim Danmark Aps and Medistim Deutschland GmbH. The products distributed are mainly medical devices within all types of surgery.Minus income tax paidInbound VAT receivable
  • TickerMEDI
  • ISINNO0010159684
  • ExchangeOslo Bors
  • SectorHealth Care Equipment & Services
  • CountryNorway

Analysts

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Ole-Andreas Krohn

Medistim (Hold, TP: NOK128.00) - In line, but with better mix

Q1 results were in line with our estimates, but with a more attractive mix than expected. US sales were above our forecasts, implying a solid basis for future growth, while lower sales in Europe and Asia in our view reflect inventory adjustments after a strong Q4. We see valuation stretched on 2019e but fair on 2020–2021e and have raised our target price to NOK128 (112). We reiterate our HOLD recommendation.

Jesper Ingildsen ...
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Ole-Andreas Krohn

Medistim (Hold, TP: NOK112.00) - Waiting for clients to catch up

Following record-high revenues in Q4 2018, we see a risk of a sequential drop in Q1 sales as we expect clients and distributors were well supplied ahead of the quarter. The Q1 results are due before the market opens on 25 April. We reiterate our HOLD and have raised our target price to NOK112 (95).

Joachim Gunell ...
  • Niclas Gehin
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Ole-Andreas Krohn

Medistim (Hold, TP: NOK128.00) - In line, but with better mix

Q1 results were in line with our estimates, but with a more attractive mix than expected. US sales were above our forecasts, implying a solid basis for future growth, while lower sales in Europe and Asia in our view reflect inventory adjustments after a strong Q4. We see valuation stretched on 2019e but fair on 2020–2021e and have raised our target price to NOK128 (112). We reiterate our HOLD recommendation.

Ole-Andreas Krohn

Medistim (Hold, TP: NOK112.00) - Waiting for clients to catch up

Following record-high revenues in Q4 2018, we see a risk of a sequential drop in Q1 sales as we expect clients and distributors were well supplied ahead of the quarter. The Q1 results are due before the market opens on 25 April. We reiterate our HOLD and have raised our target price to NOK112 (95).

Ole-Andreas Krohn

Medistim (Hold, TP: NOK95.00) - A strong run, and a breather next

Q4 results exceeded our estimates, driven by higher sales and an attractive product mix. We have increased our 2019–2020e EPS by c6–7% and have raised our target price to NOK95 (81). However, we have downgraded to HOLD (BUY). Medium term, we expect a growing base for procedures sales on more outplaced platforms in the US, the pending Japan approval process, and continued demand following the REQUEST-study to support valuation.

Ole-Andreas Krohn

Medistim (Buy, TP: NOK81.00) -

Medistim (MEDI NO, Buy) - (18 pages)

Ole-Andreas Krohn

Medistim (Buy, TP: NOK81.00) - Mixed report, expanding base

Medistim reported Q3 margins below our estimates driven by product- and distribution mix, leading to minor reductions to 2019–2020e. We have upgraded to BUY (HOLD), and keep our NOK81 target price. We expect more outplaced platforms in the US (implying a growing base for procedures sales), the pending Japan approval process, and increased demand following the REQUEST-study to support valuation going forward.

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Jesper Ingildsen ...
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Joachim Gunell ...
  • Niclas Gehin
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Jon Masdal ...
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Stefan Gauffin

Northern Lights

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Jon Berggren
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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