DAVY VIEW

Uniphar has delivered an ‘in-line’ trading update for H1 2022 and remains on track to deliver strong, double-digit EPS growth this year (we forecast +18%). This follows 29% last year and 24% the year prior, and reinforces the resilience of Uniphar’s business model against various challenging backdrops (pandemic, macro, inflation). Underpinning future growth, it also maintains an active M&A pipeline across all three divisions. The stock trades on 2023 17.7x P/E, which we find attractive given the group’s strong medium-term growth prospects.