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Ergomed (AIM: ERGO)

Currency in GBP

Last close As at 25/01/2023

GBP12.54

▲ −54.00 (−4.13%)

Market capitalisation

GBP658m

Ergomed is a global full-service CRO business with a core focus on the US and EU. It provides Phase I–III clinical services in addition to post-marketing pharmacovigilance (Phase IV) services and is predominantly focused on oncology, orphan drugs, rare diseases and pharmacovigilance.

Innovation in healthcare is driving sales and growth in the number of clinical trials being initiated, as pharmaceutical and biotechnology companies continue to invest substantially. Tight operational control and execution will enable Ergomed to drive market share in high-growth orphan drug trials as well as in larger indications.

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Healthcare

Ergomed — Exiting FY22 on a strong footing

Healthcare

Ergomed — Two key management changes

Healthcare

Ergomed — Poised for a strong FY22

Healthcare

Ergomed — Sustained growth momentum in H122
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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Dr Miroslav Reljanović

    Executive chairman

  • Richard Barfield

    CFO

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (4.0) 6.5 9.0
Relative (7.6) (3.7) 6.4
52 week high/low 1456.0p/932.0p

Financials

In the run-up to Ergomed’s FY22 trading update (expected end-January 2023), we take a fresh look at our estimates for the company and make minor adjustments to our projections to incorporate recent forex trends (primarily related to the US dollar strengthening in H222), management feedback and increased clarity on business performance. We raise our FY22–23 top-line estimates by c £2m for both years (benefiting from forex tailwinds), although our profitability and margin expectations remain largely unchanged as we increase our opex estimates slightly. We also update our capex and working capital estimates following clarity from the company management. Overall, our valuation remains broadly unchanged at £789m (1,573p/share) versus £783m (or 1,568p/share).

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2020A 86.4 19.4 14.4 22.8 55.0 33.6
2021A 118.6 25.4 21.6 39.6 31.7 32.6
2022E 140.1 28.2 23.9 39.0 32.2 30.3
2023E 156.5 31.7 27.7 44.7 28.1 22.9

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