reports
- Liberum Research Team
DRX DRAX GROUP PLC
MAB MITCHELLS & BUTLERS PLC
BLND BRITISH LAND COMPANY PLC
EZJ EASYJET PLC
SFE SAFESTYLE UK
SDY SPEEDY HIRE PLC
VTY VISTRY GROUP PLC
SAG SCIENCE GROUP
IKA ILIKA
RMG ROYAL MAIL PLC
OTB ON THE BEACH GROUP
CTEC CONVATEC GROUP PLC
AAL ANGLO AMERICAN
UPR UNIPHAR
ATOM ATOME ENERGY PLC
AT/ ASHTEAD TECHNOLOGY
- Edward Thomason
- Seb Jantet
LIBERUM: Uniphar - Last week's inline AGM prompts refresh
Last week Uniphar released an inline AGM trading statement commenting that it is on track to deliver against full-year expectations. We have used the opportunity to refresh our forecasts. We now look for gross profit of €365m in FY23E (up 13%) and an adj. EBITDA (pre-IFRS16) of €114m (up 10%). Our forecasts are now broadly in line with consensus in FY23E but slightly more bearish than consensus over the medium-term having assuming higher tax and interest rates. On just 10x 2023 EV/EBITDA, we vie...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Edward Thomason
- Seb Jantet
LIBERUM: Uniphar - In line prelims reassure
Prelims results are in line with our expectations and showcase a solid performance in 2022. We will incorporate today’s results into our estimates in due course, but results should be viewed positively. Shares have not seen the same performance as peers YTD. However, today’s prelims show that operationally the business continues to perform strongly amid the tough macro backdrop and the confirmation of guidance should reassure the market. We see this as a core holding in the healthcare SMID space...
- Liberum Research Team
- Edward Thomason
- Seb Jantet
LIBERUM: Uniphar - Robust FY22 update, outlook reaffirmed
Uniphar has issued a supportive FY’22 trading performance with growth across all divisions and in line with expectations. Outperformance in the Irish Supply Chain & Retail division helped offset the softer performance in Product Access we saw in H1, while FCF conversion and net debt were better than expected. The outlook remains positive for FY’23 and medium-term aspirations have been reaffirmed. Altogether, this is a good performance amid the challenging global economic backdrop from a quality ...
With a more favourable environment, UNIPHAR improves to Slightly Posit...
UNIPHAR (IE), a company active in the Drug Retailers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 1 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date March 11, 2022, the closing price was EUR 3.23 and its potential was estimated a...
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