Clinigen’s reassuring trading update confirmed the business was on track following the transformational IDIS acquisition earlier in the year. We reinstate our forecasts and look for a 3yr CAGR in EPS of 19%, with scope for outperformance as the ~£40m of Free Cashflow p.a. is reinvested. On that basis, the premium valuation is well deserved. BUY with a Target Price of 800p.
