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Dec 7 2020, 06:45 GMT
UDG Healthcare's two divisions have a double-digit growth track record going back over a decade, delivering 14.8% profit CAGR 2008-20. This has been due to a combination of high organic growth, supplemented by disciplined M&A. In this report, we argue that UDG's current capability set puts the group in a stronger position than any time in its history. Coupled with sector-leading balance sheet strength, we think future organic and inorganic growth prospects remain excellent. We reiterate our 'Outperform' rating with a £9 price target, suggesting almost 15% upside.