This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Trade Parameters
Observations – For
Observations – Against
Potential for continuation of long term share price uptrend. The company operates in a defensive sector, healthcare being more necessity than choice. The company continues to be acquisitive and was able to raise $450m of convertible bonds due 2025 at an attractive 1.875% coupon/interest rate. The company recently reported 2017 pre-tax profits +39%, on revenues +31%, (margins expanding) up 4.8x and 3.6x, respectively, since 2011.
Broker consensus is bullish, with 83% of analysts saying Buy, none saying Sell, and 67% of broker targets suggesting upside from current levels. We note the latest broker updates (from late May) suggest targets north of £40, well beyond our objective of rebounding 10% to revisit the £38 highs of last month.
Next Event: Ex-div 14 Jun; AGM 28 Jun; Interim Results 23 Aug (est)
Latest Broker 12-Month Consensus: 83% Buy, 17% Hold, 0% Sell (full breakdown on request)
Source: DowJones Newswires, Reuters News, Bloomberg or Company Press releases
| Share | 1wk | 1m | 3m | 6m | 1yr | 2yr | 3yr | 4yr | 5yr |
| Perf % | -9.4 | -4.1 | 2.0 | 21.2 | 53.8 | 201 | 352 | 612 | 1,072 |
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