FY25 results are expected to be in line with consensus, with Adj EBITDA +10% YoY to £12.4m and a strong cash performance, after factoring in the larger than expected share buyback. We take this as a sign of management confidence in the business, and are reassured by solid growth from core product lines and the onboarding of a significant customer into EKF’s new precision fermentation facility. Whilst we nudge our FY26 EBITDA forecasts down by 5%, this is more than accounted for by the lowly valuation and, with an EV of £100m, we can make a strong case that the Point-of-Care division alone is worth that, with the highly profitable Life Sciences division in for free. We stay at Buy with an unchanged TP of 37p.
