Stifel maintains its 'hold' rating on Equasens shares, with an unchanged target price of €66.

The analyst reports that Equasens has confirmed its long-awaited acquisition of AD Apotheken Datenverarbeitung GmbH & Co. KG (ADV), a German pharmacy software company with estimated sales of around €5 million.

Stifel considers this target to be small (2% market share) but strategically very important. The company's ambition is to reach the top 3 within five years, which would require a market share of >20%, a very unlikely objective in our view", adds the analyst

Stifel. Equasens has been keen to penetrate the pharmaceutical software market for years, but this acquisition will require more investment to grow, potentially putting operating margins under pressure.


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