Report

Update: Structural transformation boosted by good results

UDG delivered strong FY15 results with better than expected performance in its continuing businesses. Helped by the disposal of its drug distribution activities and solid track record in M&A, we believe UDG is well placed to create shareholder value by reinvesting in its fast-growing Ashfield and Sharp divisions. We upgrade our FY16e EPS by 5% and revise our valuation from 503-631p to 521-649p/share.
Underlying
UDG Healthcare Plc

UDG Healthcare is a provider of services to the healthcare industry. Co.'s operations are divided into the following operating segments: Ashfield Commercial & Medical Services, which is engaged in providing sales and marketing services (CSO), healthcare communications, event management, and medical affairs and regulatory services to healthcare companies; Sharp Packaging Services, which is engaged in providing outsourced commercial and clinical trial packaging services to healthcare companies; and Supply Chain Services, which combines all of Co.'s healthcare logistics based companies. Co. operates in Republic of Ireland, the U.K., North America and Continental Europe.

Provider
Edison Investment Research
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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