GB : Healthcare - Overall - Still plenty of bargains in UK Healthcare
The UK healthcare sector (as defined by our broad coverage) has almost trebled since the start of 2016, outperforming the FTSE250 by c.150%. Its resilience through Brexit given its lack of reliance on the domestic economy helped, however it has proven (in general) to be a good performer through COVID and has re-rated by 36% since the start of 2020.This raises the obvious question – is there any value left? We firmly believe there is and clearly so do private equity and strategic operators with three major acquisitions announced in our UK coverage over the past fortnight. These transactions are likely to drive further interest and reinvestment into the sector. We highlight Medica* (BUY, TP £2.20) and Puretech Health (BUY, TP £5.50) as our top picks although we see >50% upside at Sensyne Health* (BUY, TP £3.10) and Malin* (BUY, TP EUR9.70) on a 12-18 month view.
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