05 Dec 2017
N+1 Singer - Consort Medical - In line interims, still waiting for a catalyst
Interims are in line. Revenues +6.1% reported, PBT+7.7% but adj EPS was only up 3.2% and Net Debt is still high at £97.1m. There is no new news on Mylan contract for generic Advair and we do not expect to hear anything until mid-2018. A couple of small contracts have drifted away. We make only minor changes to our estimates and don’t see any catalysts in the short term. The shares now trading on 17.7x P/E to Apr-18, 12.4x EV/EBITDA - not obviously cheap without growth picking up but maybe there ....
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N+1 Singer - Consort Medical - In line interims, still waiting for a catalyst
Interims are in line. Revenues +6.1% reported, PBT+7.7% but adj EPS was only up 3.2% and Net Debt is still high at £97.1m. There is no new news on Mylan contract for generic Advair and we do not expect to hear anything until mid-2018. A couple of small contracts have drifted away. We make only minor changes to our estimates and don’t see any catalysts in the short term. The shares now trading on 17.7x P/E to Apr-18, 12.4x EV/EBITDA - not obviously cheap without growth picking up but maybe there ....