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Nov 19 2019, 07:15 GMT
Uniphar has announced two acquisitions in C&C Medtech: EPS Group, based in the Nordics, and M3 Medical, based in Ireland. We see scope to leverage these acquisitions into the Benelux and UK. Due to modest initial investment, we expect to increase our 2020 and 2021 EPS numbers by 2.5-3%. At full earn-out, the deals would be >8% EPS accretive by 2023. This puts the stock on 9.2x 2020 and 7.7x 2021 P/E. We increase our price target to €1.60 (from €1.50) and reiterate our ‘Outperform’ rating.
Nov 19 2019, 07:15 GMT