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Feb 28 2018, 12:45 GMT
We attended UDG’s two-day Capital Markets Day (CMD) in Allentown and Fort Washington, PA, last week. Our key takeaway is one of impressive ‘breadth’ – of service offering, geographic footprint, client base and management talent. UDG has moved far beyond being just a UK CSO and US packaging play. In our view, this has substantially improved the quality of the group’s earnings profile. Shorter term, the acceleration in business development activity in Sharp underpins confidence in the 2018 outlook. In this short report, we have summarised the CMD in 18 key charts. We remain ‘Outperform’ with 25% upside.