Ergomed - Exiting FY22 on a strong footing
In the run-up to Ergomed’s FY22 trading update (expected end-January 2023), we take a fresh look at our estimates for the company and make minor adjustments to our projections to incorporate recent forex trends (primarily related to the US dollar strengthening in H222), management feedback and increased clarity on business performance. We raise our FY22–23 top-line estimates by c £2m for both years (benefiting from forex tailwinds), although our profitability and margin expectations remain largely unchanged as we increase our opex estimates slightly. We also update our capex and working capital estimates following clarity from the company management. Overall, our valuation remains broadly unchanged at £789m (1,573p/share) versus £783m (or 1,568p/share).Ergomed is engaged in the provision of specialized services to the pharmaceutical industry and the development of new drugs. Co. focuses on oncology, neurology and immunology and the development of orphan drugs. Co. is building a portfolio of co-development partnerships with pharmaceutical and biotech companies. Co. has two business segments: clinical research services, which provides clinical development services to clients ranging from pharmaceutical companies to small and mid-sized drug development companies; and drug safety and medical information services, which includes Co.'s subsidiary, PrimeVigilance Limited, a pharmacovigilance and medical information services company.
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