Getinge Earnings: In-Line Results, on Track for Full-Year Guidance; Fair Value Estimate Unchanged

Narrow-moat Getinge reported second-quarter results that were in line with our expectations. Management reiterated its guidance of 2%-5% organic sales growth, with acquisitions contributing an additional 3%-5%. With organic sales growth in the first six months at 4.4% year on year, we think Getinge is on track to meet or exceed this expectation. We maintain our fair value estimate of SEK 236 per share and view the market price as fairly valued.