Uniphar - Revising estimates and price target to reflect recent M&A

Davy Research
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We are upgrading our 2022 and 2023 EPS by 3% to reflect the acquisitions of E4H, Devonshire and Navi announced by Uniphar on December 23rd. We are also raising our price target to €5.0 based on our revised sum-of-the-parts (SoTP) valuation. Next update is the FY prelims on January 26th.