医科达（EKTAB）：对2024/25年第四季度业绩的初步看法

Julien Dormois * | Equity Analyst+33 1 8665 6375 | jdormois@jefferies.comJames Vane-Tempest ^ | Equity Analyst44 (0) 20 7029 8275 | jvane-tempest@jefferies.comMartinien Rula, CFA * | Equity Associate+33 1 86 65 63 68 | mrula@jefferies.comChristopher Richardson, ACA ^ | EquityAssociate+44 (0)20 7029 8675 | chris.richardson@jefferies.com China), tariff uncertainties, FY24/25 and unexpected CEO departure. The prospect of faster earningsmomentum from next FY is unlikely to hearten investors, in our view, given the co's mixed recordon execution and the absence of a permanent CEO.Please see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 2 - Elekta results vs consensus.Apr year-end (SEK m)4Q23/24actualTotal Orders% reported growth% growth at CERSales - Americas% organicSales - EMEA% organicSales - APAC% organicGroup sales% reported growth% organic% FXAdj EBIT% of salesAdj EPS diluted% growth yoySource: InFront, Visible Alpha, Jefferies estimatesPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionElektaElekta develops tools and treatment planning systems for radiation therapy, radiosurgery, and brachytherapy, as well as software systems used incancer care.Company Valuation/RisksElektaOur PT is based on DCF. Risks include reversal of market share losses leading to sales growth above guidance and accelerated margin expansion.Unity mass adoption.Analyst Certification:I, Julien Dormois, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, James Vane-Tempest, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Martinien Rula, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Christopher Richardson, ACA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Julien Dormois is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a researchanalyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRARule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:James Vane-Tempest is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may notbe subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a researchanalyst.Registration of non-US analysts:Martinien Rula, CFA is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as aresearch analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to theFINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Christopher Richardson, ACA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage o