BioTelemetry – Its electrocardiogram is regular!
11 October 2019
BioTelemetry, a significant holding within our Bionics certificate and an equally important position in the Biotech and Innovation certificates, has experienced 7 months of extreme derating with its shares trading now at 21.5x FY 2019 PE after having touched a valuation of 40x FY 2019 PE in February of this year. Even if we do not envisage a return to previous valuation, we believe current level is too low for a company that, in our view, will be able to sustain a double-digit top line growth and a constant margin improvement for the next 5 years at least.
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