Wide-moat Elekta's first-quarter results weren't impressive, but they were an improvement over the prior quarter's poor performance. Orders and gross margin improved sequentially but were still below our forecast levels. We're maintaining our fair value estimate and view the shares as undervalued.
We estimate that the Asia-Pacific marketplace could support up to 5,000 additional linac installations. Given Elekta's strong ties with emerging-market customers, particularly in China, we believe the company can grab a sizable portion of greenfield in this region.
GenesisCare order book in the U.S. has been written down, dealing another blow to the company's U.S. plans.
|
Metric
|
EKTA B
|
SHL
|
BDX
|
|---|---|---|---|
Price/Earnings (Normalized) | 19.07 | 24.27 | 18.67 |
Price/Book Value | 2.50 | 3.21 | 2.66 |
Price/Sales | 1.48 | 2.65 | 3.51 |
Price/Cash Flow | 10.25 | 20.81 | 18.92 |
|
Metric
|
EKTA B
|
SHL
|
BDX
|
|---|---|---|---|
Quick Ratio | 0.74 | 0.79 | 1.20 |
Current Ratio | 0.99 | 1.27 | 1.85 |
Interest Coverage | 5.15 | 6.36 | 4.20 |
|
Metric
|
EKTA B
|
SHL
|
BDX
|
|---|---|---|---|
Return on Assets (Normalized) | 3.75% | 4.04% | 3.65% |
Return on Equity (Normalized) | 11.19% | 10.35% | 7.60% |
Return on Invested Capital (Normalized) | 8.20% | 11.27% | 5.30% |
|
1-Day Chart
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United States