Analyst Research Report Snapshot

Title:

VINDON HEALTHCARE - APPROPRIATELY VALUED

Price:

$10.00

Provider:

Edison Investment Research

Date:

26 Mar 2009

Pages:

2

Type:

AcrobatPDF

Companies referenced:

VDN.L

Available for Immediate Download
Summary:

2008 was a year of two halves. H1 was especially buoyant with growth in turnover of 21% and EPS of 39%. In H2 turnover growth stagnated to just 3% and EPS fell by 5%. As a result of the weak second half, FY08 numbers fell short of consensus expectations. With storage income relatively stable, the shortfall was largely attributable to weakness on the manufacturing side, in part due to some initial disruption after the move to a major new facility (for storage and manufacturing) in Rochdale. On the face of it a rating of 14x FY09 earnings seems expensive, but could be justified if new areas such as cryogenic storage continue to deliver growth. FOR MORE INFORMATION ON ATTACHED RESEARCH PLEASE CALL 020 3077 5713 OR EMAIL RESEARCH@EDISONINVESTMENTRESEARCH.CO.UK OR VISIT WWW.EDISONINVESTMENTRESEARCH.CO.UK

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