DAVY VIEW

Uniphar continues to build on its track record of delivery since IPO. FY 19 earnings came in modestly ahead of expectations and the group is now in the enviable position of being net cash. In addition, we estimate that the two growth platforms, Commercial & Clinical and Product Access, will account for c.70% of group EBITDA this year. On numbers, we are reflecting potential COVID-19 deferral risk, moving our 2020 EPS to 11.8c (from 13c) while leaving our 2021 forecasts and beyond unchanged. This leaves the stock trading on 6.1x EV/EBITA and 11.0x P/E this year.