Ergomed

Ergomed reported FY22 results broadly in line with our expectations. Group revenues grew 22.5% y-o-y to £145.3m, underpinned by sustained demand for both the CRO and PV segments and supported by the ADAMAS acquisition and foreign exchange benefit. Adjusted EBITDA rose 11.5% y-o-y, although margins were comparatively lower (19.5% versus 21.4% in FY21) due to previously flagged incremental investments in technology and senior management hires. The order book remained robust at £295m (up 23.1% over FY21), boding well for medium-term sales potential. Year-end net cash of £19.1m was an improvement over the £12m reported in H122 (after the £24.2m net cash purchase of ADAMAS in February 2022) and, with £80m in undrawn credit facilities, Ergomed remains well-capitalised to fund future growth. We make minor adjustments to our estimates and roll forward our model. We upgrade our valuation slightly to 1,577p/share from 1,573p/share previously.

Y/E Dec	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2021A	118.6	25.4	21.6	39.6	26.3	27.0
2022A	145.3	28.4	24.3	41.6	25.0	34.9
2023E	158.3	31.3	27.9	44.5	23.4	21.3
2024E	176.3	35.3	31.9	51.2	20.4	18.5

Research

Flash note

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11.06.21

Ergomed — FY21e EBITDA ‘materially ahead’ of consensus

Outlook

Healthcare

01.06.21

Ergomed — What’s next after stellar 2020 performance?

Healthcare

Update

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edison tv

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Confidence renewed as new COVID-19 vaccines demonstrate protection against emergent strains and efficacy with a single-dose regimen

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Brexit: EU can do it if you really want…

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ECB fiddles as eurozone turns

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20.11.18

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28.03.18

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13.12.17

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Cairn/FAR return to deepwater FAN in Senegal

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French Election: Is populism already passé?

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Filicudi discovery – positive start to 2017 Barents exploration

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Fortuna LNG deal underlines the structurally higher costs of capital seen by E&Ps

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24.11.16

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Seismic reflections: Funding troubles, M&A bubbles

thematic

Metals & Mining

16.12.11

Macro Outlook – Price weakness on the cards

thematic

Energy & Resources

28.10.11

Seismic reflections: Singing those 100% equity blues

thematic

26.10.11

Macro Outlook: Market backdrop still bearish

thematic

Metals & Mining

07.10.11

Indium and gallium overview

thematic

Energy & Resources

30.09.11

Seismic reflections: Enormous North American potential

thematic

Industrials

20.09.11

DSEi: Feedback and thoughts

thematic

Energy & Resources

16.09.11

Seismic reflections : Tullow’s breakthrough discovery

thematic

11.08.11

Macro Outlook – Rapidly weakening market backdrop

thematic

Energy & Resources

05.08.11

Seismic reflections: Confidence in Kurdistan grows

thematic

Energy & Resources

24.06.11

Seismic reflections: An exciting investment story

thematic

Energy & Resources

22.06.11

Still bearish

thematic

Metals & Mining

13.06.11

Switzerland: Global Resources Investing Conference

thematic

Energy & Resources

23.05.11

Seismic reflections : Commodity prices only a side issue

thematic

Energy & Resources

18.04.11

Crude market potentially vulnerable

thematic

Energy & Resources

01.04.11

Seismic reflections : Taxing matters

thematic

Energy & Resources

11.03.11

Seismic reflections – Introducing the oil screen

thematic

Energy & Resources

25.02.11

Supply fears exaggerated

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back

thematic

Energy & Resources

16.08.10

Equities

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Recce Pharmaceuticals – executive interview

VEON – executive interview with CFO Joop Brakenhoff

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Ergomed (AIM: ERGO)

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Ergomed — Solid FY22 marked by broad-based growth

Ergomed — Exiting FY22 on a strong footing

Ergomed — Two key management changes

Ergomed — Poised for a strong FY22

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Ergomed — FY21e EBITDA ‘materially ahead’ of consensus

Ergomed — What’s next after stellar 2020 performance?

Ergomed — Momentum continues with EBITDA upgrades

Ergomed — Transformative 2020; solid fundamentals for 2021

Ergomed – Edison Open House interview

Ergomed — PrimeVigilance excels; CRO strengthened in US

Ergomed — MedSource acquisition to boost US CRO business

Ergomed — Adj EBITDA upgrade despite industry challenges

Ergomed – executive interview

Ergomed — Diversified services offering proves resilient

Ergomed — AGM update: ‘Revenue growth trend’ maintained

Ergomed — Resilient global pharma services specialist

Banco Angolano de Investimentos (BAI) – Money-centre bank with lending optionality

The art of measurement – Challenges in metrology

Vietnam Holding – Vietnam in the global digital race

US small-cap equities – Time to shine?

MediaWatch – Encouragements and frustrations

ConsumerWatch – The times they are a-changin’

Emerging markets – Worthy of consideration

Dynam Capital at the 2024 Vietnam ESG Conference

MediaWatch – Glimpses of positivity

ConsumerWatch – Give me a reason to love you

UK stock market – Scope for further upside in UK large-cap stocks

Listed private equity – Performing a balancing act

ConsumerWatch – At least someone loves me

MediaWatch – Rinse and repeat

Outlook for 2024: Life sciences – where has the conviction gone?

South African life assurers: Where is the growth?

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

Deutsches Eigenkapitalforum (EKF) 2023 technology

Deutsches Eigenkapitalforum (EKF) 2023 financials and investment companies

Deutsches Eigenkapitalforum (EKF) 2023 industrials

Deutsches Eigenkapitalforum (EKF) 2023 healthcare

VolitionRx – Decoding the DNA of cancer

MediaWatch – Still waiting…

ConsumerWatch – Falling into the fall

Shades of the 1970s

The long and winding road

MediaWatch – Targeting the opportunities

ConsumerWatch – Making the most of the summer

ASCO 2023 key takeaways

IFRS 17: Impact on life assurance companies

MediaWatch – Vision On

ConsumerWatch – A Spring in the step

Quantum computing: A booming industry

Critical minerals: The investment vacuum

Crypto, are you dead yet?

UK housebuilders

European equities

Listed Private Equity

Lithium’s adolescence

Battery energy storage

MediaWatch – Screening well

Vietnamese equities: Due a comeback?

Machine learning in drug development