In this pitch, analysts Gustaf Tegnér, Fredrik Ramel and Linus Melin present an investment
case for Elekta, the Swedish MedTech company and global leader in precision radiation therapy
and neurosurgery. Through its market-leading positions in both linear accelerators and Gamma
Knife radiosurgery, an extensive global installed base, and long-standing customer relationships
across more than 120 countries, Elekta has established a resilient business model with multiple
avenues for value creation. Using a comprehensive valuation framework including DCF, trading
comparables, precedent transactions and an LBO analysis, the analysts estimate Elekta’s
enterprise value in the range of SEK 24,433–53,214 million.
Key Takeaways
- Newly won FDA clearance, CapEx normalisation and structural oncology market
tailwinds provide multiple avenues for earnings growth, while strong interest from both
strategic acquirers and financial sponsors creates a long runway for value creation.
- Elekta benefits from a leading position in the global radiation therapy and neurosurgery
market, supported by a large installed base, high customer switching costs and long-
standing service relationships that create significant barriers to entry.
- Following several years of substantial investment in next-generation platforms such as
Elekta Unity and Evo, the company is entering a period where a SEK 500m cost savings
programme and a structural shift toward recurring, SaaS-based revenue are expected to
drive meaningful margin expansion.