来自斯德哥尔摩的爱：医科达投资者更新要点

Equity ResearchJune 13, 2025Julien 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 ^ | Equity+44 (0)20 7029 8675 | chris.richardson@jefferies.comSEK49.02^SEK53.00 | +8%SEK76.30 - SEK44.50FLOAT (%) | ADV MM (USD)94.5% | 8.81SEK18.7B | $2.0BEKTAB SS^Prior trading day's closing price unless otherwise Associate 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 of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-