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Advanced Medical Solutions Group PLC AMS

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Morningstar’s Analysis

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The Brexit Deal Removes Some Uncertainty for Advanced Medical Solutions

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Advanced Medical Solutions has struggled with both the pandemic and the uncertainty of any potential Brexit deal throughout this year. We’re modestly lowering our fair value estimate to GBX 308 per share, down from GBX 335, after adjusting our assumptions for ongoing challenges with COVID-19 in the first half of 2021 before there is widespread vaccination. Even with the slight haircut to the intrinsic value, shares continue to trade at an attractive discount, in our view. We suspect shares remain depressed thanks to the bumpiness of AMS’ performance of late, driven by apprehension around the shape of Brexit and COVID-19. From our longer-term perspective, we’ve seen little to change our view of the firm’s narrow economic moat and expect both its branded products mainly used in surgical suites, as well as its unbranded wound care business, should see a resumption in growth once the pandemic recedes and procedure volume for non-pandemic patients normalizes.

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Company Profile

Business Description

U.K.-based Advanced Medical Solutions was founded in 1991 to design, develop, and manufacture advanced wound care products for other healthcare manufacturers. AMS' key branded products include the ActivHeal franchise of hydrogel, hydrocolloid, foam, and alginate wound dressings. The firm also manufactures and markets the LiquiBand product line for tissue adhesion in acute settings, and the Resorba line of sutures and collagen-based products for tissue repair. The firm derives approximately 57% of total revenue from branded products, with nonbranded contributing 43%.

Premier Park, 33 Road One, Winsford Industrial Estate
Winsford, Cheshire, CW7 3RT, United Kingdom
T +44 1606863500
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings
Fiscal Year End Dec 31, 2020
Stock Type
Employees 700