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Jan 29 2019, 07:10 GMT
UDG Healthcare plc
Positive start to 2019; Ashfield now trading at up to a c.50% relative discount
- Sectors : Pharma and healthcare
- Companies : UDG Healthcare plc
DAVY VIEW
UDG Healthcare’s (UDG) Q1 2019 update suggests that trading across the group is in-line with expectations. Guidance should also underpin confidence in market EPS numbers for 2019 and we see potential for organic upside as the year progresses. The group’s balance sheet (0.15x net debt/EBITDA 2019) also leaves it well positioned for further M&A. The 40% share price decline since last April puts the stock on a compelling valuation, implying multiples for Ashfield at up to a c.50% discount to ‘peers’. Conference call at 09:00.
