Clinigen’s FY15 trading update highlights solid fundamentals, with all divisions delivering organic revenue and profit growth. The results are ahead of our forecasts, with revenues of at least £183.6m (versus our £178.0m) and underlying EBITDA of £32.2m (£31.9m). The Idis businesses, acquired in April, are being integrated well and contributing attractive organic growth rates. Cash generation has remained strong, net debt is £78.0m (our forecast was £83.7m). Our current valuation range, based on earnings metrics and a DCF model, is £854-978m (771-883p a share).
