Company Reports

Elekta refreshed its product lineup, but the turnaround will take longer than we anticipated.

Demand for radiotherapy should stay healthy over the next decade. Elekta stands to benefit from the industrywide tailwind, but its recent performance has been challenging. Siemens Healthineers has been able to gain market share globally due to its size and relationship with large hospital networks. Elekta's position is still formidable, but the future success hinges on the uptake of its latest product platform, Evo, as well as growing adoption of Unity.

Elekta's fiscal first-quarter results had some positive developments on the order side and profitability, but revenue continued to lag.

Elekta's fourth-quarter results showed significant order book deterioration due to market softness and stricter order acceptance criteria. The company also took a large one-off impairment.

Demand for radiotherapy should stay healthy over the next decade. Elekta stands to benefit from the industrywide tailwind, but its recent performance has been challenging. Siemens Healthineers has been able to gain market share globally due to its size and relationship with large hospital networks. Elekta's position is still formidable, but the future success hinges on the uptake of its latest product platform, as well as growing adoption of Unity.

Elekta's third-quarter results showed significant order book growth following the approval of the Evo platform in the US.

Elekta's revenue growth and order book weren't impressive, but the cost-control efforts and new operating structure are set to lift up the margins. Beaten down shares bounced up 10%-plus on the results.

Elekta faces a challenging environment in the US and China, which has led to slow sales growth in the fiscal first quarter. Profitability was affected by currency and tariffs, but cost control partially offset margin pressure.

Elekta delivered strong profitability and order book growth in the fourth quarter. The market responded positively, with shares up 5% on May 28.

Elekta's recent performance has not been stellar, which cost its CEO his job. Near-term dynamics remain challenging, but the company's refreshed product portfolio should bear fruit.

Demand for radiotherapy should stay healthy over the next decade. Elekta stands to benefit, but its success depends on the continuing adoption of Unity, success of its refreshed product and software offering, as well as its ability to withstand competition from Siemens Healthineers.

Elekta revised its outlook due to weaker-than-expected performance in the US and China while reporting its results for the third quarter of fiscal 2024-25. The market reacted negatively, with shares dropping around 8% at the start of trading on Feb. 21.

Mediocre sales performance in the quarter was largely expected, but Elekta's profitability deterioration disappointed the market.

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 are maintaining our fair value estimate of SEK 127 for wide-moat Elekta despite the disappointing fourth-quarter results. The shortfall relative to our forecast is largely offset by cash flows realized since our last model update. We view shares as undervalued, but the disappointment reduces our confidence.

Demand for radiotherapy should stay healthy over the next decade. Elekta stands to benefit, but its success depends on the continuing adoption of Unity as well as its ability to withstand competition from Siemens Healthineers.

We are maintaining our fair value estimate of SEK 127 for wide-moat Elekta following the release of third-quarter results. We view shares as undervalued.

We are maintaining our fair value estimate of SEK 127 for wide-moat Elekta following the release of second-quarter results. We view shares as undervalued.

We are maintaining our fair value estimate of SEK 127 for wide-moat Elekta after incorporating recently released first-quarter results. We have also updated our medium-term forecast following the company's recent capital markets day that we attended, which gave us more confidence in the company's software offering. We currently view shares as undervalued.

Demand for radiotherapy should stay healthy over the next decade. Elekta stands to benefit, but its success depends on the continuing adoption of Unity as well as its ability to withstand competition from Siemens Healthineers.