
07 Aug 2017
N+1 Singer - Surgical Innovations Group - Transformational acquisition of Elemental
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.

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N+1 Singer - Surgical Innovations Group - Transformational acquisition of Elemental
Surgical Innovations Group plc (SUN:LON) | 0.7 0 0.0% | Mkt Cap: 6.53m
- 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.