AVTR - Avantor: Diversified Portfolio Mix Should Drive Upside From Q3 Onwards

• Avantor has had a stellar year, leveraging their diverse portfolio to retain recurring revenue over the 3rd quarter.
• Each segment of the portfolio remains exposed less than 3%, whilst allowing exposure to COVID-19-related tailwinds.
• Shareholders have enjoyed +67% upside YTD, and based on management upgrading FCF guidance to over $700m for FY2020, further upside is likely.
• Shares currently trade at a discount to peers, whilst fair value is not far off current market price.
• We are bullish on the long-term outlook of the company, and see the portfolio mix as a key differentiator moving forward.

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