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Investing.com - Barclays downgraded Vimian Group AB (VIMIAN:SS) from Equalweight to Underweight on Monday, while reducing its price target to SEK27.00 from SEK37.00.
The downgrade comes despite Barclays’ positive view on animal health market fundamentals, as the firm identified several headwinds to Vimian’s earnings in 2026 and 2027.
Barclays expects Vimian’s Medtech business to face structurally lower margins as the product mix shifts toward the faster-growing but lower-margin iM3 and other recent dental space acquisitions.
For the Vet Services and Diagnostics segment, Barclays anticipates 2026 will require organic investments to expand customer base, geographies, and offerings, which it believes is not reflected in current consensus estimates.
The investment bank’s revised projections place Vimian’s adjusted EBITA 3% below company-compiled consensus for 2026 and 5% below for 2027, with Barclays assigning an 11.7x EV/EBITDA target multiple for 2026, citing the lack of a permanent CEO and mid-range margins as factors offsetting the company’s superior growth profile.
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