A further strong trading update for FY17 has prompted further double digit PBT/EPS upgrades this morning, adding to the strong forecast momentum experienced in recent months. The core Biodecon activities are benefitting from the improved commercial focus and this is now being seen strongly in the reported financials, which are beginning to look increasingly attractive in terms of growth, margins and cash generation. Net Cash reached £14.5m at the year end, increasing the scope for some kind of further returns to shareholders. We see intrinsic value of 300p+, with further upside scope on growth, forecast outperformance and possible cash returns.
