UDG’s first material acquisition since the disposal of the Supply Chain division in April gives some flavour of the direction ahead. It is paying just over 8x EBITDA for a fast growing and high margin business, which will bring a unique service offering into the Ashfield mix. Although FX and opex related to the Future Fit programme temper our EPS upgrades to 3%, we expect further accretive deals to follow. We increase our TP to 746p and reiterate our Buy recommendation.
25 Oct 2016
N+1 Singer - UDG Healthcare - First acquisition heralds start of an upgrade cycle
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N+1 Singer - UDG Healthcare - First acquisition heralds start of an upgrade cycle
- Published:
25 Oct 2016 -
Author:
Chris Glasper -
Pages:
5
UDG’s first material acquisition since the disposal of the Supply Chain division in April gives some flavour of the direction ahead. It is paying just over 8x EBITDA for a fast growing and high margin business, which will bring a unique service offering into the Ashfield mix. Although FX and opex related to the Future Fit programme temper our EPS upgrades to 3%, we expect further accretive deals to follow. We increase our TP to 746p and reiterate our Buy recommendation.