News that the fourth potential Private Equity prospective buyer for AMS has walked away has prompted a ~20% fall in the share price. Whilst this may raise questions as to why, we think the issue is more likely to be the inability to agree a price, exacerbated by rising bond yields, rather than anything more fundamental with the business. As synergies from the Peters deal finally come through next year, we think the shares will re-rate naturally. We view this as a compelling buying opportunity and retain our BUY recommendation and 285p TP.
