COVID-19 update

  • Sectors : Pharma and healthcare
  • Companies : Uniphar

Ratings and price correct at time of issue.

  • Uniphar

    Closing Price: 104c

  • RATING 27/08/19



Uniphar is an important part of the healthcare value-chain, particularly in Ireland. All divisions are performing ahead of expectations as healthcare systems ramp up preparations to deal with COVID-19. This will also likely drive higher volumes (and costs) through Q2. In the event that non-urgent surgeries are postponed, a three-month delay could impact 2020 EBITDA by €5m, recoverable in later years. Separately, the group has ended 2019 with a net cash position of €26m, one of the strongest balance sheets across Davy’s coverage universe. The recent market sell-off leaves the stock trading on 8.0x 2020 P/E, absurdly cheap given its defensive model and net cash balance sheet.

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Mar 23 2020, 07:25 GMT