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Ossur Gains as Danske Sees Dividend Payments: Copenhagen Mover

Dec. 13 (Bloomberg) -- Ossur Hf, the prosthetics maker whose artificial feet are used by Olympic runner Oscar Pistorius, rose the most in two weeks in Copenhagen after Danske Markets said the company may start returning cash to investors.

Ossur rose 2 percent to 7.55 kroner, the biggest gain since Nov. 29, at 12:02 p.m. in the Danish capital. The volume traded was 3.7 percent of the three-month daily average. The shares hadn’t yet traded in Reykjavik where they also are listed.

Danske started coverage of the stock today with a buy recommendation, saying Ossur may pay dividends as early as next year. The Reykjavik-based medical technology company said Oct. 23 that free cash flow for the first nine months of the year jumped 39 percent, to $28.5 million, as new production facilities in Mexico helped boost profitability.

“Our positive stance is backed by both relative and absolute valuations, and we see the stock as a strong defensive cash generator,” Copenhagen-based Danske said in a note to clients. The bank set a price estimate of 9 kroner a share.

Pistorius, a South African sprinter, participated in the 2012 London Olympics using Ossur’s J-shaped carbon-fiber blades. Known as the “Blade Runner,” Pistorius was born without fibulas and had both legs amputated below the knee when he was 11 months old.

To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

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