25 Jun 2015
Fixated on surgical
The AMS capital markets day yesterday was focussed very much on the surgical market and on AMS’ core LiquiBand glue technology. Whilst there are a number of opportunities, our sense is that these are incremental and that organic growth (reflecting the conservative approach to R&D) will be incremental, rather than transformational. There is nothing wrong with this per se, but the valuation of 23x is, in our view, demanding a higher growth trajectory. We stay at Hold.
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Fixated on surgical
Advanced Medical Solutions Group plc (AMS:LON) | 185 0.7 0.2% | Mkt Cap: 401.2m
- Published:
25 Jun 2015 -
Author:
Chris Glasper -
Pages:
3
The AMS capital markets day yesterday was focussed very much on the surgical market and on AMS’ core LiquiBand glue technology. Whilst there are a number of opportunities, our sense is that these are incremental and that organic growth (reflecting the conservative approach to R&D) will be incremental, rather than transformational. There is nothing wrong with this per se, but the valuation of 23x is, in our view, demanding a higher growth trajectory. We stay at Hold.