Coloplast A/S

“Coloplast is a rare combination of structural moat depth, recurring consumable revenue streams, and demographic tailwinds, now available at 15x forward earnings — a valuation that reflects the Atos debt overhang and China VBP anxiety rather than any deterioration in the core franchise. The base case offers ~2x return over 7 years with low probability of permanent capital loss; the primary risks are integration execution and geographic policy, neither of which threatens the chronic-care consumables engine that has compounded reliably for seven decades.”