Move to Hold following H.B Fuller offer

Research evidence excerpt

Move to Hold following H.B Fuller offer

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold Advanced Medical Solutions 25 June 2026

Group PLC Recommendation

Europe Change United Kingdom

Reuters Bloomberg Exchange Ticker Price at 24 Jun 2026 (GBP) 240.00

AMSU.L AMS LN LSE AMSU

Price Target (GBP) 275.00

Healthcare & Medical

265.00 -

Devices 52-week range (GBP) 191.00

Facilities & Services

Valuation & Risks

Kane Slutzkin, CFA

Summary Research Analyst

Following H.B. Fuller's recommended 285p/share cash offer, AMS shares have +44-20-754-54624

risen to 278.5p, leaving an implied spread of only c.3% and trading broadly in line

with our unchanged 275p target price. With the prospective return now materially Key changes

narrowed, we see insufficient upside to offset residual execution risk and therefore Rating Buy to Hold ↓

downgrade from Buy to Hold. While a competing bid cannot be ruled out, AMS has Source: Deutsche Bank

been through multiple strategic processes without a superior proposal emerging.

Combined with H.B. Fuller's credibility as a buyer and the certainty of the cash

consideration, we continue to believe shareholders seem likely to support the

recommended transaction.

Key remaining debate points:

n Why not a 3-handle? At 13x EV/EBITDA, the offer sits towards the lower

end of what we would regard as an acceptable strategic valuation, and in

our view, may not fully reflect the longer-term value available through future

growth, quantified synergies and platform expansion. While the price

recognises the quality of AMS' platform, it arguably leaves less value for its

longer-term innovation pipeline and future product optionality.

Furthermore, a broader medtech sector de-rating this year has weighed on