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1. Company Snapshot

1.a. Company Description

Coloplast A/S develops and sells intimate healthcare products and services in Denmark, the United States, the United Kingdom, France, and internationally.The company operates through Chronic Care, Interventional Urology, Voice and Respiratory Care, and Wound & Skin Care segments.It provides ostomy care products, including SenSura Mio, which provides fit individual body shapes and optimal discretion for various types of ostomies; and SenSura Ostomy care solutions, as well as ostomy accessories under the Brava brand.


The company also offers continence care products, such as Conveen Active urine bags; SpeediCath catheters that offer catheterization for both genders; and Peristeen, a transanal irrigation system.In addition, it provides wound care products comprising conforming dressing under the Biatain Silicone brand and hydrocolloid dressing under the Comfeel brand; and skin care products that include cleansers, moisturizers, skin protectants, antifungal products, hand cleanser, and odor control products, as well as InterDry, a skin fold management solution.Further, the company develops, produces, and markets products for the surgical treatment of urological and gynecological disorders, such as urinary stone diseases, benign prostate hyperplasia, voiding dysfunctions, erectile dysfunction, and urinary incontinence.


Additionally, it offers voice and respiratory products, including medical devices for neck stoma under the Provox brand; and products for tracheostoma under the TRACOE brand.The company was founded in 1954 and is headquartered in Humlebæk, Denmark.

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1.b. Last Insights on COLO

Coloplast A/S recent performance was negatively impacted by a reported revenue growth of only 1% in DKK, despite organic growth of 7% and an EBIT margin of 28% in Q3. The Skin Care divestment and negative currency impacts contributed to the modest revenue growth. Additionally, the company announced changes to its Executive Leadership Team, which may lead to a period of transition and potential disruption to its operations.

1.c. Company Highlights

2. Coloplast's FY '25 Results: A Mixed Bag with Growth and Challenges

Coloplast reported a 7% organic growth and a reported EBIT margin before special items of 28% for the financial year, in line with their revised guidance. The company's revenue for the full year increased by DKK 844 million or 3% compared to last year, with organic growth contributing DKK 1.8 billion or around 7% to reported revenue. However, the actual EPS came out at '4.67', significantly lower than the estimated '6.27'. The gross margin was 68%, on par with last year, and operating expenses for the full year were DKK 11.3 billion, a 3% increase from last year.

Publication Date: Nov -05

📋 Highlights
  • Organic Growth & EBIT Margin:: Delivered 7% organic growth and a 28% EBIT margin before special items, aligning with revised guidance.
  • Market Value & Strategy:: Chronic and Acute Care addressable market exceeds DKK 120 billion; Impact4 strategy targets 7-8% organic revenue CAGR through 2029/30.
  • Margin & Cost Optimization:: Gross margin stable at 68%; OpEx up 3%, with focus on profitability initiatives in Wound Care and Interventional Urology.
  • Future Guidance:: 7% organic revenue growth and 16% ROIC expected for 2025/26, with EBIT growth of ~7% and CapEx at 5% of sales.
  • Product Recall Impact:: Challenges in Interventional Urology and Wound Care due to recalls, but systems strengthened to prevent recurrence.

Segment Performance

Chronic Care, excluding China, delivered a solid year, while Interventional Urology and Advanced Wound Dressings faced performance challenges due to product recalls. The company restructured its business in China, initiated profitability initiatives in Wound Care, and took steps to optimize its cost base in Interventional Urology.

Outlook and Guidance

For the '25-'26 financial year, the company expects organic revenue growth of around 7%, and around 7% EBIT growth in constant currencies before special items. The guidance assumes continued good momentum in Chronic Care and an improvement in momentum in both Wound and Tissue Repair and Interventional Urology. Analysts estimate next year's revenue growth at 5.6%, which is lower than the company's guidance.

Valuation

With a P/E Ratio of 34.47 and an EV/EBITDA of 18.64, the market is pricing in a certain level of growth and profitability. The company's Return on Invested Capital (ROIC) is 11.19%, and the Return on Equity (ROE) is 24.4%, indicating a good level of profitability. The Dividend Yield is 3.53%, which is a positive for income investors.

Key Developments and Investments

The company is investing in new initiatives to drive top-line growth and support EBIT growth ambition, primarily in the U.S. chronic business, bowel care, and urology to support the launch of INTIBIA. The company will also invest in technology and AI to improve user experience and automate back-office activities. As Anders Lonning-Skovgaard mentioned, these investments will be crucial in driving long-term growth and value creation.

Challenges and Opportunities

The company is facing challenges in the Chinese market, where the Ostomy business is experiencing flat growth due to negative consumer sentiment. However, the company remains competitive in the market. The Kerecis margin is expected to improve significantly due to scale, with more sales per head in the organization and reduced need for scaling investments.

3. NewsRoom

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Coloplast A/S - Decisions at the Annual General Meeting 2025

Dec -04

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Diabetic Foot Ulcer Treatment Market Trends and Forecasts, 2020-2024 & 2025-2030 Featuring 3M, Medtronic, ConvaTec, Coloplast, Smith & Nephew, B Braun, Medline, Organogenesis, Molnlycke, Acelity

Nov -11

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Coloplast A/S - Notice of Annual General Meeting 2025

Nov -11

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3 European Stocks Estimated To Be Up To 45.8% Below Intrinsic Value

Nov -05

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Coloplast AS (CLPBF) Q4 2025 Earnings Call Highlights: Strategic Restructuring and Growth Challenges

Nov -04

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Foley Catheters Global Forecast Report 2025-2030: $1.2 Billion Market Driven by Innovative Designs, Smart Catheter Development, and Expanding Healthcare Infrastructure in Emerging Markets

Nov -04

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Coloplast A/S - Annual Report 2024/25 & Remuneration Report 2024/25

Nov -04

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Coloplast A/S - Full-Year Financial Results 2024/25

Nov -04

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.72%)

6. Segments

Chronic Care

Expected Growth: 5.3%

Increasing prevalence of chronic diseases, rising demand for efficient wound care solutions, and growing adoption of urology products drive Coloplast A/S’s Chronic Care segment growth.

Advanced Wound Dressings

Expected Growth: 6.8%

Advanced wound dressings growth is driven by increasing prevalence of chronic wounds, rising demand for effective wound management, and growing adoption of advanced wound care technologies, such as antimicrobial dressings and foam dressings, leading to a projected CAGR of 6.8%.

Interventional Urology

Expected Growth: 7.4%

Coloplast A/S's Interventional Urology solutions drive growth, driven by increasing demand, advancing technology, and expanding indications, fuelling market growth.

Voice and Respiratory Care

Expected Growth: 5.3%

Increasing adoption of respiratory care solutions, driven by growing prevalence of respiratory diseases and advancements in voice and respiratory care technology, are expected to drive the segment's growth.

Biologics

Expected Growth: 6.3%

Coloplast A/S’s wound and skin care biologics are driven by increasing prevalence of chronic wounds, growing demand for advanced wound care products, and rising healthcare expenditure globally.

7. Detailed Products

Ostomy Care

Coloplast's Ostomy Care products are designed to help people with ostomies to live a normal life, with a range of pouches, accessories, and accessories for colostomy, ileostomy, and urostomy.

Continence Care

Coloplast's Continence Care products are designed to help people with urinary incontinence, including catheters, leg bags, and accessories.

Wound & Skin Care

Coloplast's Wound & Skin Care products are designed to promote wound healing and skin health, including dressings, creams, and cleansers.

Intermittent Catheters

Coloplast's Intermittent Catheters are designed for people who require intermittent catheterization, providing a convenient and discreet way to manage their bladder.

Male Urology

Coloplast's Male Urology products are designed to help men with urological conditions, including erectile dysfunction and benign prostatic hyperplasia (BPH).

8. Coloplast A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Coloplast A/S is medium due to the presence of alternative products and services in the market, but the company's strong brand reputation and product differentiation mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers for Coloplast A/S is low due to the company's strong relationships with its customers and the lack of buyer concentration in the market.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Coloplast A/S is medium due to the presence of multiple suppliers in the market, but the company's large scale of operations and strong relationships with suppliers mitigate this threat.

Threat Of New Entrants

The threat of new entrants for Coloplast A/S is low due to the high barriers to entry in the market, including regulatory hurdles and the need for significant capital investment.

Intensity Of Rivalry

The intensity of rivalry for Coloplast A/S is high due to the presence of several established competitors in the market, leading to a highly competitive environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 53.08%
Debt Cost 4.11%
Equity Weight 46.92%
Equity Cost 5.54%
WACC 4.78%
Leverage 113.11%

11. Quality Control: Coloplast A/S passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

581.2$

Current Price

581.2$

Potential

-0.00%

Expected Cash-Flows