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Feb 4 2020, 07:15 GMT
Uniphar continues to build a track record post IPO of delivering on both strategy and numbers. This morning’s trading update suggests that it is on track to meet our 2019 forecasts. We have also put through 3-4% upgrades to 2020 and 2021 EPS forecasts to reflect recent MedTech M&A (EPS Group and M3 Medical). On 7.5x EV/EBITDA and 10.0x P/E, the company’s valuation doesn’t reflect the pan-European growth platform that it is building in Commercial & Clinical (C&C) and the global growth platform it has established in Product Access.