– Contract manufacturer for biopharma.
– Reliable industry partner with strong competitive positioning and track record of FDA compliance.
– Recent investments in cell and gene therapies will propel growth for 10+ years.
– Business is getting more weighted towards higher margin and faster-growing biologicals.
– 28-39% IRR over the next 3-4 years.
– Trades at 15.5x EBITDA
– Is cheap given EBITDA has grown at 23% CAGR over the last 4 years.
– Typically traded at 20-22x fwd EBITDA.
– Expected to reach EV=$50bn by 2026 with $7.5bn in revenues and 30%+ EBITDA margins.
Exp. gain: +100% to $10/share by 2026.
Full CTLT write-up (free guest account required):