Straumann AG (STMN.S): Updating our estimates post solid Q3 26 performance; Reiterate Buy

Straumann's Q3 26 results demonstrated robust momentum across the business, with group revenue growth accelerating on EMEA and APAC and broad-based gains across premium and challenger implants, double-digit orthodontics growth and continued IOS momentum. LATAM was softer than expected, but management pointed to improving momentum into Q4. We expect further acceleration in Q4 26, with organic growth of +11.7% (vs. Visible Alpha consensus +9.8%), driven primarily by APAC, where China should grow strongly against an easy comparison, and better LATAM performance. For FY27e we see multiple tailwinds for core EBIT growth acceleration, including +9.5% organic revenue growth, +90bp constant-currency EBIT margin expansion and an FX tailwind. We make modest estimate changes: FY26 revenue, EBIT and EPS are essentially unchanged, while FY27/28 estimates are trimmed by less than 1%, primarily due to FX. Our 12-month price target remains CHF 125; we reiterate Buy.