DAVY VIEW

Uniphar continues to execute on its European growth ambitions in Commercial & Clinical (C&C). Today’s acquisition of CoRRect Medical is the group’s first move into Germany, the largest MedTech market in Europe (25%). Uniphar C&C now has sales and distribution capability in the UK, Ireland, Benelux, Nordics, Germany and Switzerland, with more countries likely to follow over the medium term. In doing so, Uniphar is building a unique platform and competitive position. Separately, we are rolling forward our valuation to FY 22, valuing the group on 20x P/E. As a result, our price target moves to €3.85. We remain ‘Outperform’.