DAVY VIEW

Uniphar continues to build on its excellent track record of high growth, high quality earnings and strong free cash flow (FCF). For FY 21, it has delivered over 8% organic gross profit growth and EBITDA ‘in-line’ with expectations (consensus €86.5m, +30% yoy). Better FCF conversion will also result in net debt coming in lower than forecast. We remind investors that Uniphar set a target at IPO of doubling EBITDA within five years. It is now on track to do this within three to four years, which is an incredible result. We reiterate our ‘Outperform’ rating and €5.0 price target.