H1 profit well ahead of market expectations and confirmation of the successful sale of Biolink are fitting endorsements of Blue Cap’s investment strategy. Indeed, more of the same appears on the cards with full-year management guidance of strong momentum, notably in the turnaround of Neschen, as well as new investment opportunities, which the now de-geared company is well-placed to seize. Despite a buoyant share price (up over 50% since our positive initiation report in July), the rating remains attractive at under 9x 2017e EV/EBITDA on seemingly cautious consensus forecasts.

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