医疗保健行业检查；诊断预期

EUROPE|Healthcare HealthcareSectorCheckup;DiagnosingExpectations OurmonthlyHCtrackerusessub-sector&company-specificanalysesonthebroaderMedtech&Servicesteamcoverageof>30stocksandnowincorporatesREC.Ourreportincludesstockmomentum&sentimentmonitors,RSIcharts,valuationmetrics,consgrowth&marginchanges.Weaggregateintoaproprietarystockometersignalscreeningtoolbysub-sector&region.Thismayhelpinvestorsgaugechanges&inflectionsinmarket&companyexpectations. ProprietaryStockometerScreeningTool.Weaggregatesub-sector&companydatatohighlightpotentialsharepriceanomalieswhenconsideringchangesinfundamentals,valuation,leverage,FCF,&relativepositioning,whichinvestorscanuseaccordingtostyle.Seethereportforaheatmap. MomentumMonitorcouldhighlightinflectionpoints:Ourtoolanalysesshareprices,volumes,&RSIovertimetodeterminerelativemomentumandifdrivenbyvolumes.Thismayhelpinvestorsgaugepotentialchangesinsub-sector&stocksentiments.RelativevolsarestillhigherinCDMO/PharmaServicesvs.HCServices&valuevs.structuralqualitygrowth. MedTechscreenshigher,impactedbymixedsignalsacrossmetrics:EKTAscreensthebestdespitefundamentaldeclinesdrivenbyvaluationandhighconvictionsharepricemove.SOONearningsliftandbullishguide,offeredpotentialstockmispriceandfavorableconsensustrajectory,increasingitsranking.STMNscreensbelowaverageduetolowerconvictionwithlessrelativevolumes.ELcontinuestoscreenbelowaverageduetooutperformanceandsteepvaluation. SpecPharmastilllessfavorableinaggregatewithlowervolumes:SDZscreeningmateriallydeterioratedonrecentoutperformance.HIKscreensmorefavorablyonhighervolumesfollowingitsCMDonMay15(HERE)whichwastakenwellbythemarket.RICHTscreensthebestinthesubsectordrivenbyhigherrelativevolumesandrelativebalancesheethealth.INDVremainsbelowaveragemainlyduetodecliningfundamentals. CDMO/Tools:Givenrelativelyhighcapitalintensity,leverage,andcontinuedconcernsaroundstocking,thissubsectorcontinuestoscreentheworstoutofourcoverage,withfundamentaldowngrades,comparativelylowvolumesandreturnsimpactingrankings.Thatsaid,GXIscreensthebestgivenrecentunderperformanceonhighvolumeswithitsguidancecut(HERE).SRT3improvedmainlyduetoprice. Ourstylescreensplitsthecoverageinto(i)StructuralGrowth;(ii)Cyclical/Consumer;(iii)Income-oriented;and(iv)Value/Turnaroundcategories.Theteam'svalue/turnaroundstockshavebecomemorefavourablethancyclical/consumerstocks.(i)StructuralGrowthstockscontinuetoscreenthelowestinpartduetochangesinfundamentals,yields,&relativevaluation;(ii)Cyclical/Consumerstocksscreenlessfavourablyduetolowervolumessinceourlastupdateimplyinglessconvictioninthecurrentenvironment;(iii)Value/Turnaroundstocksscreenmorefavourablypredominantlyonhighervolumeswhichmaysignalrecentrotation.InvestordiscussionscontinuetofocusonstockstiltedtoqualitynamesbutalsoaroundUStariffsandanyassociatedguidancerisks,withthosetrackingaheadofFYguidancepreferred. EquityResearch June13,2025 JamesVane-Tempest*|EquityAnalyst 44(0)2070298275|jvane-tempest@jefferies.com JulienDormois^|EquityAnalyst +33186656375|jdormois@jefferies.com ChristopherRichardson,ACA*|EquityAssociate +44(0)2070298675|chris.richardson@jefferies.com MartinienRula,CFA^|EquityAssociate +33186656368|mrula@jefferies.com Pleaseseeanalystcertifications,importantdisclosureinformation,andinformationregardingthestatusofnon-USanalystsonpages100-105ofthisreport. *JefferiesInternationalLimited^JefferiesGmbH HealthcareEquityResearchJune13,2025 JefferiesHealthcareCoverageSummary Wecover32stocksacrossMedtech,HCServices,andSpecPharma.Belowweprovideasummaryofourratings,pricetargets,sharepricereturns,andvariousvaluationmetrics. Chart1-JefferiesMedtech,Services&SxPharmaHealthcareCoverage Company Symbol Rating PT SharePrice MktCap (US$m) ADTV -1w %Perf -1m YTD EV/EBITDA 20242025 5-YrAvgEV/EBITDA 5-Yr2025vsAvg. P/E 2024 2025 5-YrAvgP/E 5-Yr2025vsAvg. 3-YrCAGR24-27E SalesEBITDA EPS FCFYield 2025 Leverage2025 DivYield 2025 MedTechSmith&Nephew SN/LN BUY 1,250 1,118 13,222 40.7 3% 4% 12% 11.3x 10.1x 8.6x 1.2x 17.9x 15.6x 11.7x 1.3x 5.2% 9.0% 12.5% 5.1% 1.5x 2.7% Straumann STMNSW HOLD 115 110 21,387 53.3 4% 3% (4%) 22.7x 21.0x 15.7x 1.3x 35.1x 31.8x 22.8x 1.4x 9.0% 10.4% 12.9% 2.6% (0.1x) 1.0% ELFP BUY 300 251 132,809 203.2 3% 4% 7% 18.9x 17.7x 16.3x 1.1x 49.0x 34.0x 27.8x 1.2x 6.2% 8.2% 21.6% 3.4% 1.1x 1.6% Sonova SOONSW HOLD 275 259 18,768 52.9 1% (2%) (13%) 17.2x 16.2x 15.1x 1.1x 24.3x 23.9x 20.8x 1.1x 5.4% 7.5% 6.8% 3.9% 1.0x 1.7% Convatec CTECLN BUY 325 293.2 8,088 23.5 0 14% 32% 15.8x 14.6x 10.6x 1.4x 26.1x 23.0x 15.4x 1.5x 5.9% 9.1% 13.6% 3.8% 1.5x 1.8% SiemensHealthineers SHLGR BUY 60 47 60,140 56.2 1% (1%) (9%) 14.9x 13.5x 11.8x 1.1x 20.7x 19.0x 16.4x 1.2x 6.0% 10.3% 11.2% 4.8% 2.2x 2.4% Elekta EKTABSS HOLD 53 48 1,927 7.4 -3% (3%) (21%) 14.4x 6.7x 6.4x 1.1x 79.3x 13.3x 11.4x 1.2x 2.1% 3.0% 8.5% 6.5% 1.1x 5.1% Demant DEMANTDC HOLD 255 278.0 8,760 9.8 13% 15% 9% 12.2x 12.4x 9.1x 1.4x 20.9x 21.5x 13.0x 1.7x 6.2% 5.8% 9.9% 4.4% 2.3x 0.0% Amplifon AMPIM BUY 26 21.1 5,415 36.3 1% 12% (16%) 11.0x 10.2x 8.6x 1.2x 24.2x 22.9x 15.9x 1.4x 6.5% 7.9% 10.