DAVY VIEW

Uniphar continues to scale rapidly. Following 26% like-for-like (LFL) EPS growth in 2020 and 29% in 2021, it has delivered 20% in H1 2022. This is an excellent outturn given the broader market backdrop. Uniphar is also positioned to accelerate its ‘ambitious growth strategy and acquisition pipeline’. The stock is currently trading on 16.2x our unchanged 2023 EPS forecast. We believe this is inexpensive given the group’s growth track record and outlook, as well as upgrade potential from future M&A. Conference call is at 09:00 BST.