【出版时间及名称】：2010年1月英国医疗设备行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：122
        【目录或简介】：

Table of Contents
Executive summary ........................................................................... 5
Sector to benefit from positive structural changes ...................................................................5
Perform. of some Cos. could still be driven by cyclical factors.................................................7
Sector P/E multiple largely fair ..................................................................................................7
Hearing devices ................................................................................. 9
2010E: an eventful year.............................................................................................................9
Key moving parts to be a net positive for earnings...................................................................9
Sonova to outperform W. Demant..........................................................................................10
Sonova.............................................................................................. 11
Upgraded to Buy.....................................................................................................................11
Existing business to exceed expectations ..............................................................................12
New businesses to increase Sonova’s targetable market opportunities materially ................13
InSound Medical: a key win for HAs .......................................................................................15
Advanced Bionics Corp: a substantial start in hearing implants ..............................................17
Valuation ................................................................................................................................19
Price Target............................................................................................................................20
Risks ......................................................................................................................................20
Forecasts ...............................................................................................................................21
W. Demant........................................................................................ 25
Some scope to appreciate ......................................................................................................25
Hearing aid sales to return to robust growth ..........................................................................26
First full year in the bone anchored hearing implant market ...................................................28
Diagnostic instruments to continue share gains .....................................................................29
Personal communication to normalise....................................................................................29
Margins to recover further ......................................................................................................29
Valuation ................................................................................................................................30
Price Target............................................................................................................................31
Risks ......................................................................................................................................31
Forecasts ...............................................................................................................................32
Modern tooth restorations and replacements.............................. 37
2010E: A year of market share gains ......................................................................................37
WW modern tooth replacement trends and outlook ..............................................................38
WW modern tooth restoration trends and outlook .................................................................40
Straumann........................................................................................ 41
Continue to gain market share ................................................................................................41
Gaining further dental implant market share ...........................................................................42
Expanding presence in the dental regeneration market ..........................................................44
Broadening its restoration offerings........................................................................................46
Pick-ups in Asia to remain limited in 2010...............................................................................47
Some margin expansion .........................................................................................................47
Substantial EPS upgrades possible.........................................................................................48
Valuation ................................................................................................................................49
Price Target............................................................................................................................50
Risks ......................................................................................................................................50
Forecasts ...............................................................................................................................51
Table of Contents (Cont'd)
Nobel Biocare................................................................................... 55
Re-gaining market share .........................................................................................................55
Material re-invigoration of PROCERA......................................................................................56
NobelActive™ to exceed expectations ...................................................................................58
Benefits of stronger customer relationships and sales force..................................................58
Efficiency initiatives and sales growth to expand margins......................................................59
2010E earnings could be much better than expected.............................................................60
Valuation ................................................................................................................................61
Price Target............................................................................................................................62
Risks ......................................................................................................................................62
Forecasts ...............................................................................................................................63
Smith & Nephew ............................................................................. 67