This Dental Equipment Maker Has Visible EPS Growth Despite A Challenging Macro: Analyst
This Dental Equipment Maker Has Visible EPS Growth Despite A Challenging Macro: Analyst
Needham initiated coverage on Dentsply Sirona Inc (NASDAQ:XRAY), citing its third turnaround effort since the 2016 Dentsply-Sirona merger.
尼德姆開始對Dentsply Sirona Inc（納斯達克股票代碼：XRAY）進行報道，理由是該公司自2016年Dentsply-Sirona合併以來的第三次週轉舉措。
Under prior management, Dentsply Sirona improved its product portfolio but faced challenges in commercial execution. The current management prioritizes enhanced execution by investing in the commercial division, engaging customers, and streamlining portfolio efficiency.
在之前的管理下，Dentsply Sirona改善了其產品組合，但在商業執行方面面臨挑戰。現任管理層優先考慮通過投資商業部門、吸引客戶和簡化投資組合效率來增強執行力。
Needham analysts David Saxon, Mike Matson, and Joseph Conway note that the management's focus on improving commercial execution should allow it to capitalize on its competitive portfolio. XRAY believes it can reach 4-6% organic growth with ~500 bps of margin expansion by 2026, with potential upside driven by geographic expansion, new launches, and a potentially easing macro.
Needham分析師戴維·薩克森、邁克·馬特森和約瑟夫·康威指出，管理層對改善商業執行的關注應使其能夠利用其競爭激烈的投資組合。XRAY認爲，到2026年，它可以達到4-6％的有機增長，利潤率增長約500個點子，而地域擴張、新品上市和可能的宏觀寬鬆推動了潛在的上行空間。
The analysts initiate with a Buy rating and a price target of $35.
分析師一開始給出了買入評級，目標股價爲35美元。
Though there is a macro headwind to revenue growth in the near term, margin expansion potential is tied to factors independent of top-line performance.
儘管短期內收入增長存在宏觀不利因素，但利潤擴張潛力與收入表現無關的因素息息相關。
Despite a challenging macro environment, Needham sees double-digit EPS growth over the next few years.
儘管宏觀環境充滿挑戰，但尼德姆預計未來幾年每股收益將實現兩位數的增長。
Needham writes that XRAY shares are attractively valued, considering its EPS growth potential. The shares trade at a P/E multiple of 16.0x Needham 2023 estimate, which is in line with its small/mid-cap value peers trading at a median 2023E P/E multiple of 16.0x and an 11% premium to its dental peers trading a median 2023E P/E multiple of 14.4x.
尼德姆寫道，考慮到XRAY的每股收益增長潛力，其股票估值極具吸引力。這些股票的市盈倍數爲2023年Needham估計值的16.0倍，這與其2023年中小市值同業的市盈倍數中位數爲16.0倍和2023年牙科同業的市盈倍數中位數爲14.4倍的溢價11％一致。
Price Action: XRAY shares are up 0.63% at $29.50 on the last check Thursday.
價格走勢：週四上一次支票，XRAY股價上漲0.63％，至29.50美元。