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Sep 17 2019, 07:10 IST/BST
Uniphar has delivered a strong maiden set of interim numbers with gross profit +7% on an organic basis and EBITDA more than doubling. The integration of Durbin is also progressing better than expected and our 2019 group earnings forecasts look well underpinned. The stock is trading on just 6.5x 2020 EBITDA, 8.9x 2020 P/E and is delivering a 2020E FCF yield of 11.5%, and we see numerous catalysts to drive a material re-rating of the share; Durbin is now expected to deliver ahead of schedule, we see further deal flow in H2 and the group has a five-year ambition to double pro-forma group earnings. We reiterate our ‘Outperform’ recommendation.
Sep 17 2019, 07:10 IST/BST