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1. Company Snapshot

1.a. Company Description

Ambu A/S develops, produces, and sells medical devices to hospitals, clinics, and rescue services worldwide.It provides healthcare solutions in the fields of visualization, anesthesia, and patient monitoring and diagnostics.The company offers endoscopy products, such as bronchoscopes and monitors; and neurology products, including EEG and EMG electrodes, EMG guided injections, and intraoperative monitoring products.


It also provides cardiology products consisting of ECG electrodes; and airway management and anaesthesia products, such as bronchoscopes, video laryngoscopes, double and single lumen tubes, endobronchial blockers, laryngeal and face masks, breathing bags, and resuscitators.In addition, the company offers extrication collars, CPR breathing barriers, video laryngoscopes, and training manikins.Ambu A/S was founded in 1937 and is headquartered in Ballerup, Denmark.

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1.b. Last Insights on AMBU

Ambu A/S' recent performance has been positively driven by strong revenue growth in endoscopy solutions, with the company reporting robust growth amidst margin pressures. The company's Q1 2026 earnings call highlights its resilience in navigating tariff impacts and geopolitical challenges. Additionally, Ambu's upbeat full-year results, including sales of DKK 6,037 million and net income of DKK 609 million, have boosted investor sentiment. A newly announced dividend of DKK 0.41 per share and guidance projecting 10%-13% organic growth and improved EBIT margin for 2025/26 have also contributed to the positive momentum.

1.c. Company Highlights

2. Ambu Q1 2026: Solid Start with Endoscopy Solutions Driving Growth

Ambu reported a solid Q1 with revenue growth of 8.6%, driven primarily by its Endoscopy Solutions business, which grew 14.4% and now accounts for 63% of total revenue. The EBIT margin for the quarter was 10.5%, a decline from the same quarter last year, largely due to significant tariff costs and negative FX developments. However, the underlying adjusted EBIT margin was above 15%, in line with the company's expansion plan. The EPS for the quarter came in at DKK 0.44, below analyst estimates of DKK 0.536.

Publication Date: Feb -10

📋 Highlights
  • Endoscopy Solutions Revenue Share & Growth:: Endoscopy Solutions now accounts for 63% of total revenue, growing 14.4% YoY.
  • EBIT Margin Decline & Adjusted Performance:: Q1 EBIT margin fell to 10.5% (-5.6ppt YoY), but adjusted EBIT margin remains above 15%, aligning with expansion targets.
  • Free Cash Flow Impact:: Free cash flow was DKK 13 million, constrained by tariffs (2ppt cost in Q2) and working capital pressures, though full-year guidance (10–13% organic growth) remains intact.
  • Urology Momentum:: Urology growth (21% in Q1) driven by aScope 4, 5 Cysto, and 5 Uretero, with continued single-use endoscopy penetration expected to sustain momentum.
  • Production Shift to Mexico:: Mexico production ramp-up mitigates tariffs but delayed gross margin impact, with 50% of Mexico’s physical capacity utilized and higher costs in H2 2026 expected.

Segment Performance

The Endoscopy Solutions business was the key driver of growth, with a 14.4% increase driven by strong momentum in single-use endoscopy penetration, particularly in urology. The company saw significant growth in its aScope 4 and newly launched aScope 5 solutions. In contrast, the Anesthesia and Patient Monitoring segment was flat, with a decline in Anesthesia sales offset by a slight increase in Patient Monitoring.

Guidance and Outlook

Ambu maintains its full-year guidance, expecting organic growth of 10% to 13%, driven by Endoscopy Solutions at plus 15% growth. The company anticipates a slightly lower growth rate in Q2 due to a strong order flow in Q1 that may not be repeated. Despite external headwinds, including tariffs and FX fluctuations, Ambu remains confident in achieving its EBIT margin targets.

Valuation

With a P/E Ratio of 43.21 and an EV/EBITDA of 21.73, the market appears to be pricing in significant growth expectations. The company's ROE of 9.11% and ROIC of 8.66% indicate a relatively efficient use of capital. As analysts estimate next year's revenue growth at 11.8%, the current valuation may be justified if Ambu can continue to deliver on its growth targets, particularly in its Endoscopy Solutions business.

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.85%)

6. Segments

Endoscopy Solutions

Expected Growth: 10%

Ambu A/S's Endoscopy Solutions segment growth is driven by increasing demand for minimally invasive procedures, advancements in visualization technology, and expanding applications in gastroenterology and pulmonology. Additionally, growing awareness of early disease detection and prevention, as well as increasing healthcare expenditure in emerging markets, contribute to the 10% growth rate.

Anaesthesia

Expected Growth: 11%

Ambu A/S's Anaesthesia segment growth of 11% is driven by increasing demand for single-use anaesthesia devices, expansion into emerging markets, and growing adoption of ambulatory surgery centers. Additionally, advancements in anaesthesia technology, such as video laryngoscopy, and rising focus on patient safety and comfort also contribute to the growth.

Patient Monitoring

Expected Growth: 13%

Ambu A/S's Patient Monitoring segment growth of 13% is driven by increasing demand for remote patient monitoring, advancements in wireless and wearable technologies, and growing need for real-time patient data. Additionally, the COVID-19 pandemic has accelerated the adoption of remote monitoring solutions, further fueling growth.

7. Detailed Products

Single-use Bronchoscopes

Ambu's single-use bronchoscopes are designed for bronchoscopy procedures, offering a sterile and convenient solution for healthcare professionals.

Endoscopes

Ambu's endoscopes are designed for a range of procedures, including gastroscopy, colonoscopy, and ENT procedures.

Anesthesia Systems

Ambu's anesthesia systems are designed for safe and efficient anesthesia delivery, offering a range of solutions for anesthesia providers.

Patient Monitoring Systems

Ambu's patient monitoring systems provide real-time vital sign monitoring, offering a range of solutions for hospitals and healthcare facilities.

Neonatal Care Solutions

Ambu's neonatal care solutions are designed for the care and treatment of newborns, offering a range of solutions for neonatal intensive care units.

8. Ambu A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Ambu A/S faces moderate threat from substitutes due to the presence of alternative medical devices and equipment in the market.

Bargaining Power Of Customers

Ambu A/S has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Ambu A/S relies on a few key suppliers for critical components, giving them some bargaining power, but the company's size and reputation help mitigate this risk.

Threat Of New Entrants

The medical device industry has high barriers to entry, including regulatory hurdles and significant R&D investments, making it difficult for new entrants to compete with Ambu A/S.

Intensity Of Rivalry

The medical device industry is highly competitive, with several established players competing for market share, which increases the intensity of rivalry for Ambu A/S.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.77%
Debt Cost 8.30%
Equity Weight 90.23%
Equity Cost 8.30%
WACC 8.30%
Leverage 10.83%

11. Quality Control: Ambu A/S passed 6 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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Getinge

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Value: 4.3

Growth: 3.8

Quality: 5.9

Yield: 3.1

Momentum: 7.0

Volatility: 6.0

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Quality: 7.0

Yield: 0.6

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Volatility: 6.7

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Sectra

A-Score: 4.6/10

Value: 0.0

Growth: 8.2

Quality: 8.9

Yield: 0.6

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Demant

A-Score: 4.1/10

Value: 4.0

Growth: 6.7

Quality: 6.5

Yield: 0.0

Momentum: 2.0

Volatility: 5.7

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LivaNova

A-Score: 3.8/10

Value: 5.9

Growth: 5.8

Quality: 3.9

Yield: 0.0

Momentum: 5.0

Volatility: 2.3

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Ambu

A-Score: 3.0/10

Value: 0.8

Growth: 5.9

Quality: 6.2

Yield: 0.6

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

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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

81.45$

Current Price

81.45$

Potential

-0.00%

Expected Cash-Flows