Gallmetzer HealthCare: Biting into high-margin niches; INITIATE with BUY - NuWays AG Research
Gallmetzer HealthCare (GHC) offers multiple avenues for organic growth and margin expansion.
ANNONS
The company is a vertically integrated dental healthcare platform combining a resilient, cash- generative distribution business with elevated growth and margin businesses in dental anesthetics and sustainability-focused premium oral care.
Gerhò as resilient foundation and route to market. Italy's second-largest dental distributor and mid-sized European player with a ~40-year track record is supplying a large customer base of ~55,850 customers. Its strong market position, attractive commercial terms and nearly recurring revenues underpin a resilient, cash-generative business model. A gradually rising private-label share supports the long-term margin potential.
We INITIATE GHC with BUY at a PT of € 4.40 per share, based on DCF.
