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SENASTE
MedCap reported a soft Q1 versus our estimates as COVID-19 headwinds continued to burden the Speciality Pharma segment. We expect improving market conditions in the coming quarters, fuelling healthy organic growth as comparisons get easier. We believe the solid financial position enables additional growth though M&A, and we see scope for MedCap to add as much as 28-35% to our 2021 pro forma EBITDA using its M&A firepower. We adjust our DCF-based fair value range to SEK 198-228 (202-232), where we do not include any future M&A potential. Marketing material commissioned by MedCap.
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