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Research

Biohit: From basics to growth mode

By Antti SiltanenAnalyst
Biohit
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In its recent strategy update for 2024-2028, Biohit said it aims to achieve 15-20% annual growth with an EBIT target of at least 10% of revenue. Compared to our previous forecasts, the targets emphasis growth, with profitability taking a back seat. We have updated our forecasts to higher growth, but contrastively we have slightly lowered our earnings expectations. With capital geared towards supporting growth, we no longer expect dividends in the coming years. The valuation picture has remained largely unchanged, and the risk/return ratio of the stock remains attractive.

Biohit

1.92EUR19.12.2023, 18.00
2.30EURTarget price
Accumulate
Changed from:Accumulate
Recommendation updated:20.12.2023

Biohit is a medical technology company. The company develops and manufactures laboratory equipment, supplies, and diagnostic analysis systems adapted for research, care, and industrial laboratories. In addition to the main activities, technical support, maintenance, and training services are offered within the mentioned work area. The largest presence is in the Nordic market. The company is headquartered in Helsinki.

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Key Estimate Figures20.12.2023

202223e24e
Revenue11.012.414.1
growth-%17.0 %13.2 %14.0 %
EBIT (adj.)1.11.91.9
EBIT-% (adj.)10.3 %15.4 %13.1 %
EPS (adj.)0.040.110.11
Dividend0.000.000.00
Dividend %
P/E (adj.)39.325.424.7
EV/EBITDA11.414.714.5
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