FY16 results
2016 turned out to be a far more challenging year for Medserv than we had anticipated. Project delays compounded the cost-saving actions of major customers in a depressed market. The delays are also likely to adversely affect 2017 prospects, especially H117, resulting in a sharp reduction in our near-term estimates. Longer-term cash values hold up well, assuming the stabilisation in market conditions persists, and our revised DCF value is now €1.83 compared to €2.03 previously.
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