EKF’s FY23 results are in line / slightly ahead of expectations. Growth drivers remain intact in both Point-of-Care and Life Sciences and, with a greater focus on core products, margins should continue to improve from here. This is key to supporting a re-rating and we see considerable value at current levels. With profit forecasts unchanged, we roll forwards our valuation to FY24 and increase our TP to 36p, reiterating our Buy recommendation.
