Analyst Note| Alex Morozov, CFA |
We are maintaining our fair value estimate of SEK 127 for wide-moat Elekta following the release of first-quarter results. North America continues to disappoint, with order growth, while affected by difficult comparisons, still below our expectations. On the margin, the company struggles with ongoing inflationary and supply constraint pressures, and announced another restructuring program to reduce its cost structure. We continue to view shares as undervalued.