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.
尼德姆开始对Dentsply Sirona Inc（纳斯达克股票代码：XRAY）进行报道，理由是该公司自2016年Dentsply-Sirona合并以来的第三次周转举措。
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改善了其产品组合，但在商业执行方面面临挑战。现任管理层优先考虑通过投资商业部门、吸引客户和简化投资组合效率来增强执行力。
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分析师戴维·萨克森、迈克·马特森和约瑟夫·康威指出，管理层对改善商业执行的关注应使其能够利用其竞争激烈的投资组合。XRAY认为，到2026年，它可以达到4-6％的有机增长，利润率增长约500个基点，而地域扩张、新品上市和可能的宏观宽松推动了潜在的上行空间。
The analysts initiate with a Buy rating and a price target of $35.
分析师一开始给出了买入评级，目标股价为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.
尽管短期内收入增长存在宏观不利因素，但利润扩张潜力与收入表现无关的因素息息相关。
Despite a challenging macro environment, Needham sees double-digit EPS growth over the next few years.
尽管宏观环境充满挑战，但尼德姆预计未来几年每股收益将实现两位数的增长。
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.
尼德姆写道，考虑到XRAY的每股收益增长潜力，其股票估值极具吸引力。这些股票的市盈倍数为2023年Needham估计值的16.0倍，这与其2023年中小市值同业的市盈倍数中位数为16.0倍和2023年牙科同业的市盈倍数中位数为14.4倍的溢价11％一致。
Price Action: XRAY shares are up 0.63% at $29.50 on the last check Thursday.
价格走势：周四上一次支票，XRAY股价上涨0.63％，至29.50美元。