AGM statement strikes a confident tone EKF has this morning confirmed a strong Q1 performance, and trading in line with expectations for the full year. Importantly, strong progress is being made to re-position the business as a provider of a range of high-quality products and services in the broader diagnostics space. Sales in EKF’s well-established Point-of-Care and Central Laboratory businesses were higher YoY in Q1, supported by post-Covid recovery in healthcare activity. Meanwhile, Contract Manufacturing and Laboratory Services are being re-positioned for growth in non-Covid related areas, with encouraging signs of commercial traction. Finally, in Life Sciences, the installation of new fermenters is on track and expected to drive significant revenue growth through to 2024 and beyond. Valuation attractive vs. peers: reiterate Buy We are not making any changes to our estimates at this time. We continue to believe that normalising demand patterns in the life science and diagnostics industry will drive sustained demand for EKF’s offering, with a continued near-term tailwind from higher level of point-of-care testing post-Covid. In our view, the company’s strong cash generation and potential for growth outside the Covid space is not recognised by current discount multiples (FY’23e P/E 18.6x vs. 24.4x average for a global diagnostic peer group). We reiterate Buy.