Added to YB: 2026-08-27
Pitch date: 2026-08-18
COLO-B.CO [bullish]
Coloplast A/S
+5.92%
current return
Author Info
DB_Silver_Fox is a CFO and value investor interested in: European & US hidden champions, simple and effective business models, and US Banks. Sign up for the newsletter.
Company Info
Coloplast A/S engages in the development and sale of intimate healthcare products and services in Denmark, the United States, the United Kingdom, France, and internationally.
Market Cap
DKK 104.1B
Pitch Price
DKK 428.80
Price Target
N/A
Dividend
4.97%
EV/EBITDA
10.67
P/E
37.72
EV/Sales
4.47
Sector
Health Care Equipment and Supplies
Category
value
DB_Silver_Fox | Portfolio update as of 11.08.2026 - Coloplast A/S
COLO-B.CO: High-quality, necessity-driven medtech (ostomy/continence) now priced as average due to man-made capital-allocation missteps: 91% of 5yr cumulative CFO to dividends, plus debt/equity-funded M&A — Atos Medical (DKK10.6bn, debt) and Kerecis (DKK7.9bn, ~9bn equity raise). 'Good horse, bad jockey'; author prefers man-made to structural problems. Net debt 2.43x EBITDA (31.12.25). Kerecis risk: CY2026 US CMS reform flattens skin-substitute reimbursement to $127.14/cm² effective 1/1/26, removing the pricing umbrella behind its 8x revenue multiple — though Kerecis' ~$110/cm² sits below flat rate, so risk is thesis not coverage. Wants deleveraging, CFO generation, dividend held/slightly cut; further M&A a risk. 'If not now then when?'
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