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Elekta Earnings: Mediocre Orders Growth but Healthy Installations; Shares Undervalued

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We are maintaining our fair value estimate of SEK 127 for wide-moat Elekta EKTA B following the release of fourth-quarter results. While the headline numbers look decent, with strong revenue growth and margin expansion, order growth isn’t particularly impressive. We currently view shares as undervalued.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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About the Author

Alex Morozov

Regional Director
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Alex Morozov, CFA, is director of European equity research for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. He leads a team of equity analysts based in Europe who cover European and global companies across all major sectors of the economy.

Before assuming his current role in 2014, Morozov was head of global healthcare equity research. Previously, he was a senior equity analyst, covering the medical instruments, life sciences, and diagnostics industries. Before joining Morningstar in 2006, Morozov worked in the insurance industry.

Morozov holds a bachelor’s degree in finance, with a minor in mathematics, from the University of Missouri. He also holds the Chartered Financial Analyst® designation.

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