Elekta AB Class B

EKTA B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 249.00	Lpjtt	Jbrxchwtt

Maintaining Elekta Fair Value Estimate Amid Team Localizations and Russia-Ukraine Conflict

Alex Morozov

Feb 24, 2022

We are maintaining our fair value estimate of SEK 133 for wide-moat Elekta following the publication of full third-quarter results. Service revenue was the main driver of growth in the quarter with an increase of 7% organically year over year, though unable to completely offset the organic revenue decline of 8% for the products segment, resulting in a total organic revenue decline of 3% to SEK 3.6 billion. We currently view shares as undervalued.

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