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Xvivo Perfusion

Research update

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Xvivo Perfusion: Upside from several indications

Q4 earnings came in close to our forecasts, with growth in 2015 adding up to over 40%, equalling 25% in local currencies. We expect sales growth in excess of 25% in the next few years combined with margin expansion. We therefore forecast 2018 EBITDA to be more than three times higher than in 2015. We hike our fair value to SEK 55 (45) per share. The company is extending its business into new indications. While we have not yet included this in our estimates, we find that it presents attractive upside potential to both estimates and valuation.

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