Evercore ISI on Cencora Inc (COR): transaction a positive step, 'potentially ~10c accretive on a 12-month basis'

Evercore ISI analyst Elizabeth Anderson reiterated an Outperform rating and $420.00 price target on Cencora Inc (NYSE: COR)

The analyst commented, "We see today’s transaction as another positive step for COR as it adds heft to its retina platform. In 2022, the business had >$600 MM in revs and ~$75 MM in EBITDA. Assuming it grew revenue at a HSD rate since then with LDD-low teens EBITDA margins, the price paid is ~10x 2026 estimated EBITDA. This lower price paid makes sense given the lower drug mix for ophthalmology (for more details see p.78-79) and likely lower % services mix. This likely makes COR a better owner of this asset given its ability to potentially increase services going forward. Accretion-wise, we see the transaction as potentially ~10c accretive on a 12-month basis, with management’s estimate of slightly accretive as prudent."

For an analyst ratings summary and ratings history on Cencora Inc click here. For more ratings news on Cencora Inc click here.

Shares of Cencora Inc closed at $326.91 yesterday.

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