VLG has signed new licence and distribution agreements for its oncology support products, in Canada, Vietnam, the EU and other markets. The news should be well received as it provides underpinning for 2023 growth forecasts, and delivers growth in the acquired Helsinn business, as highlighted at the time. Trading on just 4.7x EV/EBITDA or 9x P/E to Dec23, we believe the market is discounting this level of forecast growth (86% EPS growth YoY), leaving scope for rating expansion. Next news will be the year end update at the end of the month.
