Whilst the phrase is overused, we believe the acquisition of its UK distributor is genuinely transformative for Surgical Innovations. Not only is it materially earnings enhancing (EPS +39% in FY18), the increased scale, direct distribution capability, strengthened management team and attractive purchase price (8.3x historic EBITDA) all add up to a compelling deal rationale. We increase our TP to 5.5p (from 4.8p) and reiterate our strong Buy recommendation.
07 Aug 2017
N+1 Singer - Surgical Innovations Group - Transformational acquisition of Elemental
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N+1 Singer - Surgical Innovations Group - Transformational acquisition of Elemental
Surgical Innovations Group plc (SUN:LON) | 0.5 0 0.0% | Mkt Cap: 4.66m
- Published:
07 Aug 2017 -
Author:
Chris Glasper -
Pages:
8
Whilst the phrase is overused, we believe the acquisition of its UK distributor is genuinely transformative for Surgical Innovations. Not only is it materially earnings enhancing (EPS +39% in FY18), the increased scale, direct distribution capability, strengthened management team and attractive purchase price (8.3x historic EBITDA) all add up to a compelling deal rationale. We increase our TP to 5.5p (from 4.8p) and reiterate our strong Buy recommendation.