{"id":2272,"date":"2025-09-24T10:47:44","date_gmt":"2025-09-24T10:47:44","guid":{"rendered":"https:\/\/www.iforbes.cz\/?p=2272"},"modified":"2025-09-24T10:47:44","modified_gmt":"2025-09-24T10:47:44","slug":"ottobock-miri-na-frankfurtskou-burzu-cennych-papiru","status":"publish","type":"post","link":"https:\/\/www.iforbes.cz\/index.php\/2025\/09\/24\/ottobock-miri-na-frankfurtskou-burzu-cennych-papiru\/","title":{"rendered":"Ottobock m\u00ed\u0159\u00ed na frankfurtskou burzu cenn\u00fdch pap\u00edr\u016f"},"content":{"rendered":"\n

Jedno z nejzaj\u00edmav\u011bj\u0161\u00edch IPO leto\u0161n\u00edho podzimu poch\u00e1z\u00ed z N\u011bmecka. Ottobock, sv\u011btov\u00fd l\u00eddr v oblasti protetiky a ortopedick\u00fdch pom\u016fcek, p\u0159ipravuje sv\u016fj debut na frankfurtsk\u00e9 burze cenn\u00fdch pap\u00edr\u016f. O\u010dek\u00e1v\u00e1 se, \u017ee ocen\u011bn\u00ed p\u0159es\u00e1hne 6 miliard eur a nab\u00eddka bude kombinac\u00ed prodeje \u010d\u00e1sti akci\u00ed rodiny N\u00e4der, kter\u00e1 spole\u010dnost vlastn\u00ed, a nav\u00fd\u0161en\u00ed z\u00e1kladn\u00edho kapit\u00e1lu o p\u0159ibli\u017en\u011b 100 milion\u016f eur. Investo\u0159i se mohou t\u011b\u0161it na nad\u011bjn\u00e9ho hr\u00e1\u010de ve zdravotnictv\u00ed, kter\u00fd v sob\u011b nese i technologick\u00fd n\u00e1dech \u2013 Ottobock je pr\u016fkopn\u00edkem v oblasti bionick\u00fdch prot\u00e9z a exoskeleton\u016f.<\/strong><\/p>\n\n\n\n

O spole\u010dnosti<\/strong><\/p>\n\n\n\n

Ottobock je spole\u010dnost s mimo\u0159\u00e1dn\u011b zaj\u00edmav\u00fdm p\u0159\u00edb\u011bhem, kter\u00e1 za\u010dala v roce 1919 v Durynsku. Jej\u00ed zakladatel Otto Bock se po prvn\u00ed sv\u011btov\u00e9 v\u00e1lce rozhodl poskytnout v\u00e1le\u010dn\u00fdm veter\u00e1n\u016fm funk\u010dn\u00ed a kvalitn\u00ed prot\u00e9zy. Polo\u017eil tak z\u00e1klad spole\u010dnosti, kter\u00e1 se postupn\u011b stala sv\u011btov\u00fdm l\u00eddrem v oblasti protetiky a ortopediky od lok\u00e1ln\u00edho v\u00fdrobce. Dnes Ottobock p\u016fsob\u00ed ve v\u00edce ne\u017e 60 zem\u00edch sv\u011bta a zam\u011bstn\u00e1v\u00e1 p\u0159ibli\u017en\u011b 9 tis\u00edc lid\u00ed. S\u00eddl\u00ed v n\u011bmeck\u00e9m Duderstadtu, ale v\u00fdrobn\u00ed a v\u00fdvojov\u00e1 centra se nach\u00e1zej\u00ed tak\u00e9 v USA, \u010c\u00edn\u011b a Turecku. Spole\u010dnost si vybudovala siln\u00e9 renom\u00e9 nejen mezi pacienty a l\u00e9ka\u0159i, ale tak\u00e9 v r\u00e1mci sportu. D\u00edky vlastn\u00edmu v\u00fdzkumu a \u00fazk\u00fdm vazb\u00e1m na zdravotnick\u00e1 centra se Ottobock etabloval jako technologick\u00fd inov\u00e1tor, kter\u00fd posouv\u00e1 hranice toho, co protetika dok\u00e1\u017ee. Tato kombinace dlouholet\u00e9 tradice, glob\u00e1ln\u00ed p\u0159\u00edtomnosti a inovativn\u00edho ducha \u010din\u00ed ze spole\u010dnosti jednoho z nejatraktivn\u011bj\u0161\u00edch kandid\u00e1t\u016f na sou\u010dasn\u00e9m evropsk\u00e9m kapit\u00e1lov\u00e9m trhu.<\/p>\n\n\n\n

Podrobnosti o p\u0159ipravovan\u00e9m IPO<\/strong><\/p>\n\n\n\n

Podle informac\u00ed dostupn\u00fdch k 16. z\u00e1\u0159\u00ed 2025 se IPO uskute\u010dn\u00ed na frankfurtsk\u00e9 burze cenn\u00fdch pap\u00edr\u016f v segmentu Prime Standard. P\u0159esn\u00e9 datum zat\u00edm nebylo ozn\u00e1meno, ale tr\u017en\u00ed zdroje o\u010dek\u00e1vaj\u00ed okno od konce z\u00e1\u0159\u00ed do poloviny \u0159\u00edjna. Rodina N\u00e4der pl\u00e1nuje prodat \u010d\u00e1st akci\u00ed a spole\u010dnost tak\u00e9 nav\u00fd\u0161\u00ed kapit\u00e1l o p\u0159ibli\u017en\u011b 100 milion\u016f eur na financov\u00e1n\u00ed r\u016fstu a inovac\u00ed. Celkov\u00fd pod\u00edl na trhu se odhaduje na 25-30 %. O\u010dek\u00e1van\u00e9 ocen\u011bn\u00ed p\u0159esahuje 6 miliard eur. Podle p\u0159edchoz\u00edch zpr\u00e1v byly mezi poradci Deutsche Bank, Goldman Sachs a BNP Paribas. Samotn\u00fd prospekt a cenov\u00e9 p\u00e1smo by m\u011bly b\u00fdt ozn\u00e1meny v n\u00e1sleduj\u00edc\u00edch t\u00fddnech.<\/p>\n\n\n\n

Potenci\u00e1l odv\u011btv\u00ed<\/strong><\/p>\n\n\n\n

IPO spole\u010dnosti Ottobock p\u0159ich\u00e1z\u00ed v dob\u011b, kdy se evropsk\u00fd trh s nov\u00fdmi emisemi opatrn\u011b probouz\u00ed a investo\u0159i hledaj\u00ed kvalitn\u00ed akcie s dlouhodob\u00fdm potenci\u00e1lem. Sektor zdravotnictv\u00ed je v tomto ohledu atraktivn\u00ed, proto\u017ee je zalo\u017een na siln\u00fdch struktur\u00e1ln\u00edch trendech. Popt\u00e1vka po prot\u00e9z\u00e1ch a ort\u00e9z\u00e1ch poroste spolu se st\u00e1rnut\u00edm populace, n\u00e1r\u016fstem civiliza\u010dn\u00edch chorob, jako je cukrovka, a vy\u0161\u0161\u00edm po\u010dtem \u00faraz\u016f. Proto se o\u010dek\u00e1v\u00e1, \u017ee tento trh poroste do roku 2030 pr\u016fm\u011brn\u00fdm tempem kolem 4-5 % ro\u010dn\u011b. Exoskeletony, kter\u00e9 jsou st\u00e1le men\u0161\u00edm, ale extr\u00e9mn\u011b dynamick\u00fdm segmentem s projekcemi pr\u016fm\u011brn\u00e9ho ro\u010dn\u00edho r\u016fstu 16 a\u017e 29 % do roku 2030, jsou tak\u00e9 hnac\u00edm motorem potenci\u00e1ln\u00edho r\u016fstu. Pro Ottobock mohou znamenat transformaci z defenzivn\u00edho hr\u00e1\u010de „medtech“ na inov\u00e1tora s p\u0159idanou r\u016fstovou pr\u00e9mi\u00ed. Nezanedbateln\u00fdm faktorem je tak\u00e9 technologick\u00e1 p\u0159idan\u00e1 hodnota, kterou p\u0159edstavuje propojen\u00ed bioniky a um\u011bl\u00e9 inteligence. To vede k vy\u0161\u0161\u00edm mar\u017e\u00edm v odv\u011btv\u00ed zdravotnick\u00fdch prost\u0159edk\u016f a zvy\u0161uje loajalitu z\u00e1kazn\u00edk\u016f a poskytovatel\u016f zdravotn\u00ed p\u00e9\u010de.<\/p>\n\n\n\n

Hospod\u00e1\u0159sk\u00e9 v\u00fdsledky<\/strong><\/p>\n\n\n\n

Ottobock m\u00e1 za sebou siln\u00e9 obdob\u00ed, co\u017e podtrhuje atraktivitu nadch\u00e1zej\u00edc\u00edho IPO. V roce 2024 spole\u010dnost dos\u00e1hla tr\u017eeb ve v\u00fd\u0161i v\u00edce ne\u017e 1,6 miliardy eur, co\u017e p\u0159edstavuje p\u0159ibli\u017en\u011b 7% organick\u00fd r\u016fst ve srovn\u00e1n\u00ed s rokem 2023, a upraven\u00fd zisk EBITDA (zisk p\u0159ed odpisy a zdan\u011bn\u00edm) vzrostl na 325 milion\u016f eur, co\u017e je o des\u00edtky milion\u016f v\u00edce ne\u017e o rok d\u0159\u00edve. Ve\u0159ejn\u011b dostupn\u00e9 zdroje neuv\u00e1d\u011bj\u00ed hospod\u00e1\u0159sk\u00e9 v\u00fdsledky spole\u010dnosti za posledn\u00ed \u010dtvrtlet\u00ed, ale existuj\u00ed spolehliv\u00e9 \u00fadaje za prvn\u00ed pololet\u00ed roku 2025. Spole\u010dnost Ottobock do n\u011bj vstoupila ve vynikaj\u00edc\u00ed form\u011b, proto\u017ee vyk\u00e1zala tr\u017eby ve v\u00fd\u0161i 801 milion\u016f eur, co\u017e p\u0159edstavuje meziro\u010dn\u00ed n\u00e1r\u016fst o 5 %, zat\u00edmco organick\u00fd r\u016fst dos\u00e1hl a\u017e 10 %. EBITDA vzrostla je\u0161t\u011b v\u00fdrazn\u011bji, a to o v\u00edce ne\u017e 30 % na 180 milion\u016f eur. Spole\u010dnost z\u00e1rove\u0148 v\u00fdrazn\u011b pos\u00edlila svou schopnost generovat hotovost. Voln\u00e9 hotovostn\u00ed prost\u0159edky se v prvn\u00edm pololet\u00ed zv\u00fd\u0161ily t\u00e9m\u011b\u0159 trojn\u00e1sobn\u011b na 93 milion\u016f eur. Tato \u010d\u00edsla ukazuj\u00ed, \u017ee Ottobock m\u016f\u017ee kombinovat stabiln\u00ed r\u016fst tr\u017eeb s rostouc\u00ed ziskovost\u00ed a efektivitou, co\u017e z n\u011bj \u010din\u00ed jednu z nejsiln\u011bj\u0161\u00edch zna\u010dek, kter\u00e9 se chystaj\u00ed vstoupit na burzu v Evrop\u011b.<\/p>\n\n\n\n

Z\u00e1v\u011br<\/strong><\/p>\n\n\n\n

Ottobock je typick\u00fdm p\u0159\u00edkladem IPO, kter\u00e9 dok\u00e1\u017ee p\u0159il\u00e1kat \u0161irok\u00e9 spektrum investor\u016f, od konzervativn\u00edch hledaj\u00edc\u00edch stabiln\u00ed byznys a\u017e po ty, kte\u0159\u00ed cht\u011bj\u00ed expozici v\u016f\u010di technologick\u00fdm inovac\u00edm a nov\u00e9mu r\u016fstov\u00e9mu segmentu exoskelet\u016f. Pro frankfurtskou burzu cenn\u00fdch pap\u00edr\u016f se jedn\u00e1 o v\u00fdrazn\u00fd n\u00e1r\u016fst, kter\u00fd m\u016f\u017ee uspokojit i chu\u0165 evropsk\u00fdch investor\u016f po kvalitn\u00edch zdravotn\u011b-tech spole\u010dnostech.<\/p>\n\n\n\n

Adam Austera, analytik <\/strong>Ozios<\/strong><\/a><\/p>\n\n\n\n

Foto: AdobeStock<\/em><\/p>\n\n\n\n

\n","protected":false},"excerpt":{"rendered":"

Jedno z nejzaj\u00edmav\u011bj\u0161\u00edch IPO leto\u0161n\u00edho podzimu poch\u00e1z\u00ed z N\u011bmecka. Ottobock, sv\u011btov\u00fd l\u00eddr v oblasti protetiky a ortopedick\u00fdch pom\u016fcek, p\u0159ipravuje sv\u016fj<\/p>\n","protected":false},"author":1,"featured_media":2273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout"},"categories":[58],"tags":[350,190,447,267,448],"_links":{"self":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2272"}],"collection":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/comments?post=2272"}],"version-history":[{"count":1,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2272\/revisions"}],"predecessor-version":[{"id":2274,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2272\/revisions\/2274"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media\/2273"}],"wp:attachment":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media?parent=2272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/categories?post=2272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/tags?post=2272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}