Uniphar - FY 20 results: all key metrics better

Davy Research
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Uniphar has delivered excellent FY 20 results, coming in ahead of expectations on earnings growth, cash conversion and leverage. In addition, KPIs in its two international divisions, Commercial & Clinical and Product Access, show strong momentum and the business development pipeline suggests this should continue through 2021. At this early stage in the year, we are leaving our FY 21 and FY 22 EPS unchanged but continue to see potential upside both organically and from M&A as the year progresses. We remain ‘Outperform’ with a €3.10 price target (c.30% upside).