Edison Investment Research - Ergomed (ERGO) Ergomed - Transformative 2020; solid fundamentals for 2021

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Edison Investment Research

Sean Conroy

Ergomed - Transformative 2020; solid fundamentals for 2021

Ergomed’s FY20 results released today showed that adjusted EBITDA of £19.4m was 4.2% ahead of our estimate. This was a positive surprise after we had increased it following the trading update in January 2021. Management has maintained its near-term guidance therefore we keep our estimates unchanged. A strong order book (£193m, up 55.5% from the end of FY19), continued overall business growth and a strong balance sheet positions Ergomed for another solid year of growth. Cash of £19.0m and access to unutilised credit facilities of £30m mean that the company can invest in organic growth and look for additional strategic acquisitions. We have increased our valuation to £682m or 1,400p/share.

23/03/2021 5 EN

Underlying

Ergomed

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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GB00BN7ZCY67 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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