CAJ -1.41%: a great start to the year for diagnostics business Capitol Health. Revenue grew 11% to edge above consensus, and they managed to grow EBITDA 7% thanks in part to improving margins despite lockdowns impacting the half. As usual there was no guidance provided. We note that peer Peloton was recently acquired and Healius was also talking up M&A in their recent result. It’s hard to see Capitol Health trading on just 8.5x with continued strong performances like todays and corporate activity in the space.
MM remains long and bullish CAJ
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