瑞信-美股-医疗用品与设备行业-COVID-19医疗技术估值下调：降低2020与2021年估值-2020.3.6-32页.pdfVIP免费

U.S.MedicalSupplies&DevicesCOVID-19MedTechEstimateCut:Reducing2020&2021Estimates6March2020ResearchAnalystsMattMiksic212-325-4381matt.miksic@credit-suisse.comVikChopra212-325-1749vik.chopra@credit-suisse.comEquityResearchAmericasDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.2CreditSuisseSecurities(USA)LLC,MattMiksicSource:Company,CreditSuisseestimatesBackgroundandIntroduction3/6/2020ReducingEstimates&TargetsBasedonOurAnalysisandFrameworkGivenconcernsregardingthepotentialimpactonbusinesstrendsandvaluationsinMedTechandacrossthebroadermarket,wehaveputtogetheraframeworkforassessingthepotentialrangeofeffectsthespreadoftheviruscouldhaveonthecompaniesinouruniverse.Havingevaluatedandanalyzedtherisksandpotentialrange,scopeanddurationoftheseissuesonouruniverse,webelievethepotentialimpactmayvarysignificantly,basedonregionalexposuresandrevenuemixofeachcompany.DuetothelevelofvolatilitydriveninpartbytherapidlyevolvingnewsflowrelatedtoCOVID-19,andalsobytheuncertaintyabouttherangeofthepotentialimpactonsalesandearnings,wehaveoptedtopublishourframeworkasaguideforinvestorstohelpassesstheserisks.Inaddition,givenourcomfortatthispointinthemiddleoftherangeofourBlueSkyandGreySkyscenarios(i.e.ourBaseCase),wehavetakentheadditionalstepofreducingourestimatesinaccordancewiththemiddleoftheseranges,andmakewhatweviewappropriatecorrespondingadjustmentstoourtargetprices.Pleaseseeslides9through11forasummaryofthesechanges.3/6/20203CreditSuisseSecurities(USA)LLC,MattMiksicSource:Company,CreditSuisseestimatesWhyCutEstimatesNow?3/6/2020StocksAlreadyDiscountingImpactofCOVID-19,OurFrameworkAimstoPutSharperPointon“What’sPricedI...