Eurofins Scientific

Eurofins Scientific is an international life sciences company operating in food & pharmaceutical products testings. Co. provides analytical testing services to clients from various industries including pharmaceutical, food, and environmental sectors. Co. offers analytical methods for evaluating the authenticity, origin, safety, identity, composition, and purity of biological substances & products. Co. verifies authenticity of products analyzed to detect dangerous components (pathogens, prions, pesticides, asbestos, mycotoxins, dioxins, toxic substances, etc.). Co. operates in Benelux, France, Germany, North America, Scandinavia, British Isles (U.K. & Republic of Ireland), & other countries.
  • TickerERF
  • ISINFR0000038259
  • ExchangeEuronext Paris
  • SectorHealth Care Equipment & Services
  • CountryFrance

Analysts

Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Matthias Desmarais
  • Olivier Lebrun
  • Stephane Houri
  • Veysel Taze
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/06/2019

...

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet

Eurofins : 2020 guidance confirmed (€ 5bn in sales and € 1bn in EBITDA), with a message inducing solid growth beyond and increasing margins

>Some key elements: - the slowdown in growth in Q4 (+2.2%) can be explained by the weakness of clinical diagnostic activities in France (one-shot price decrease based on end-of-year price-volume agreements and temporary adjustment and cardiac diagnosis in the US (Boston Heart Diag.)).Excluding these effects, organic growth was of +6%; as a result, the CEO indicated that the guidance of +5% is realistic.In fact, for the first time, the CEO said that routine t...

Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Matthias Desmarais
  • Olivier Lebrun
  • Stephane Houri
  • Veysel Taze
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/03/2019

...

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet

Eurofins : Guidances 2020 confirmées (5 Md€ de CA et 1 Md€ d'EBITDA), avec un message induisant une croissance solide au-delà et des marges en progression

>Quelques éléments de détails: - Le tassement de la croissance au T4 (+2.2%) est explicable par la faiblesse des activités de diagnostic clinique en France (baisse de tarif one shot sur la base des accords prix-volume de fin d'année et ajustement à durée temporaire) et de diagnostic cardiaque aux USA (Boston Heart Diag.).Hors ces effets, la croissance organique est de +6%, ce qui fait dire au CEO que la guidance de +5% est réaliste.De fait, pour la première ...

Alexandre Iatrides ...
  • Christophe-Raphaël Ganet
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Pierre Tegner
  • Rémi Adam

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/05/2019

The strong pressure on the stock since September requires some clarification, in our view. We are lowering our estimates by 10% on average over the 2019e-2021e period after reviewing the operating outlook and now taking into account the IRPH risk, and our target price (€ 4.0 vs € 4.9). We reiterate our Buy recommendation due to a discount we deem to be excessive. Cf. equity report published last evening. - ...

Maxime Kogge

Eurofins : A perpetual bond to restore deteriorated credit metrics after M&A frenzy

Eurofins launched a new perpetual bond issue of € 300m, complementing the capital increase performed on Monday for the same amount. The group is closing the financing of its intense acquisition drive in recent months, enabling it to maintain its long-term net leverage target of below 2.5x. The roadshows will end today with a meeting in Paris at 12.30 p.m. CET. - >Together with the capital increase, the bond issue limits the impact of recent acquisitions on leverage. The structuring paves the way for a public rating - The documentation includes an innovation compared with the two existing ...

Maxime Kogge

Eurofins : Une perpétuelle qui restaure des ratios dégradés par la frénésie de M&A

Eurofins a lancé l’émission d’une nouvelle obligation perpétuelle de 300 m EUR en complément de l’augmentation de capital du même montant réalisée lundi. Le groupe de laboratoires boucle ainsi le financement de sa croissance externe intense des derniers mois et il revient sous un levier net de 2.5x, son objectif long-terme. Les roadshows se terminent aujourd’hui par un meeting à Paris à 12h30. - >Combinée à l’augmentation de capital, l’émission limite l’impact des acquisitions récentes sur le levier. La structuration ouvre la voie à une notation publique - La documentation inclut une inno...

Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Matthias Desmarais
  • Olivier Lebrun
  • Stephane Houri
  • Veysel Taze
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/06/2019

...

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet

Eurofins : 2020 guidance confirmed (€ 5bn in sales and € 1bn in EBITDA), with a message inducing solid growth beyond and increasing margins

>Some key elements: - the slowdown in growth in Q4 (+2.2%) can be explained by the weakness of clinical diagnostic activities in France (one-shot price decrease based on end-of-year price-volume agreements and temporary adjustment and cardiac diagnosis in the US (Boston Heart Diag.)).Excluding these effects, organic growth was of +6%; as a result, the CEO indicated that the guidance of +5% is realistic.In fact, for the first time, the CEO said that routine t...

Ahmed Ben Salem ...
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Matthias Desmarais
  • Olivier Lebrun
  • Stephane Houri
  • Veysel Taze
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/03/2019

...

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet

Eurofins : Guidances 2020 confirmées (5 Md€ de CA et 1 Md€ d'EBITDA), avec un message induisant une croissance solide au-delà et des marges en progression

>Quelques éléments de détails: - Le tassement de la croissance au T4 (+2.2%) est explicable par la faiblesse des activités de diagnostic clinique en France (baisse de tarif one shot sur la base des accords prix-volume de fin d'année et ajustement à durée temporaire) et de diagnostic cardiaque aux USA (Boston Heart Diag.).Hors ces effets, la croissance organique est de +6%, ce qui fait dire au CEO que la guidance de +5% est réaliste.De fait, pour la première ...

Alexandre Iatrides ...
  • Christophe-Raphaël Ganet
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Pierre Tegner
  • Rémi Adam

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/05/2019

The strong pressure on the stock since September requires some clarification, in our view. We are lowering our estimates by 10% on average over the 2019e-2021e period after reviewing the operating outlook and now taking into account the IRPH risk, and our target price (€ 4.0 vs € 4.9). We reiterate our Buy recommendation due to a discount we deem to be excessive. Cf. equity report published last evening. - ...

Baptiste Lebacq ...
  • Christophe-Raphaël Ganet
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 11/20/2018

...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/20/2018

...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/11/2018

...

Baptiste Lebacq ...
  • Christophe-Raphaël Ganet
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 20/11/2018

...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Christophe-Raphaël Ganet
  • Igor Kim
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Martial Descoutures
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Valentin Pernet
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/01/2018

...

EUROFINS SCIENTIFIC AG suffers a double requalification, which weighs heavily on its rating, now at Slightly Negative.

The independent financial analyst theScreener just downgraded the general evaluation of EUROFINS SCIENTIFIC AG (FR), active in the Health Care Providers industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the analysis date February 8, 2019, the closing price was EUR 316.80 and its target price was estimated...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Maxime Kogge

Eurofins : Beyond the refinancing planned for 2020, prospects are still solid. The perps callable in 2020 and 2023 are our top picks

Eurofins' bond yields historically reflected a "low BBB/high BB" profile but widened sharply following the group's recent wave of acquisitions which brought net leverage to a record 3.3x pro forma (including 4.7x including perpetual bonds). Doubts expressed by some investors about the group's model and strategy also took a toll on spreads which are now more in line with a "mid BB" profile. - In our view, the peak in leverage is offset by solid momentum and good deleveraging prospec...

Maxime Kogge

Eurofins : Au-delà du refinancement prévu en 2020, les perspectives restent solides. Les hybrides call 20 et 23 sont nos top picks

Les rendements des obligations Eurofins qui reflétaient historiquement un profil "low BBB/high BB" se sont fortement écartés à la suite de la vague d’acquisitions récente qui a porté le levier net à un niveau record de 3.3x pro forma (4.7x y compris les obligations perpétuelles). Les doutes exprimés par certains investisseurs sur le modèle et la stratégie du groupe ont également pesé sur les spreads qui sont désormais plus conformes à un profil "mid BB". - A nos yeux, le pic de lev...

Eurofins - Assemblée générale des actionnaires du 25 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Eurofins Scientific – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Charles Pinel

Proxy Report - 26/04/2018

Each year the company publishes the amount of the remuneration due to the executive directors but does not publish any information on the remuneration policy. In addition, the company does not submit any resolution that allows shareholders to approve. Therefore, we will recommend opposition of resolution 7 on the discharge for directors, even if this is a mandatory resolution in Luxembourg. The company proposes two resolution on the renewal of directors. We will support Patrizia Luchetta and Fereshteh Pouchantchi as Directors - both of them are free from conflicts of interest (resolutions 9 ...

Charles Pinel

Proxy Report - 26/04/2018

Comme chaque année, la société fournit les montants des rémunérations des dirigeants mais très peu d'information sur la politique de rémunération. De plus, elle ne soumet pas de résolutions permettant aux actionnaires de se prononcer sur ce sujet. Par conséquent, notre réserve s'exprimera par une recommandation négative sur la demande de quitus en faveur des administrateurs qui est une résolution obligatoire au Luxembourg (résolution 7). Deux renouvellements d’administrateurs sont soumis au vote. Nous soutiendrons la candidature de Patrizia Luchetta ainsi que de Fereshteh Pouchantchi, toutes ...

Jérôme VINERIER

Analyse court terme - EUROFINS SCIENTIFIC : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. Les Stochastiques sont en zone de surachat. La baisse peut bientôt reprendre vers 399,00 €. La tendance de fond serait remise en cause en cas de franchissement de 492,30 €.

Jérôme VINERIER

Short term view - EUROFINS SCIENTIFIC : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. Stochastics are at the overbought level. The fall can soon resume toward €399.00. The background trend would be questioned should prices rise above €492.30.

Jérôme VINERIER

Short term view - EUROFINS SCIENTIFIC : The trend is bearish.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €399.00. The background trend would be questioned should prices rise above €492.30.

Jérôme VINERIER

Analyse court terme - EUROFINS SCIENTIFIC : La tendance est baissière.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 399,00 €. La tendance de fond serait remise en cause en cas de franchissement de 492,30 €.

Jérôme VINERIER

Medium term view - EUROFINS SCIENTIFIC : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

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