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

EUROFINS SCIENTIFIC AG sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of EUROFINS SCIENTIFIC AG (FR), a company active in the Health Care Providers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 9, 2019, the closing price was EUR 392.00 and its potential was estimated at EUR 452.39.

Maxime Kogge

Eurofins : La cyberattaque ne remet pas en cause la trajectoire d’amélioration des résultats. Nous passons à Achat sur les seniors 22 et 23 et la perp. call 25

Nous refaisons le point sur les conséquences de la cyberattaque qui a entraîné un élargissement des spreads d’Eurofins. En première approche, nous estimons l’impact à 25 m EUR sur le CA et 15 m EUR sur l’EBITDA 2019. A long terme, nous pensons que cette attaque n’aura pas de conséquence majeure sur la relation avec ses clients même si elle devrait entraîner une hausse des investissements informatiques (+15 à 20 m EUR par an). Nous sommes plutôt rassurés par les conséquences gérab...

Maxime Kogge

Eurofins : The cyberattack poses no major threats to deleveraging trajectory. We switch to Buy on 2022 and 2023 senior and call 2025 perpetual bonds

We are going through the consequences of the cyberattack which caused a widening of Eurofins spreads. At first glance, we estimate its impact on sales at € 25m and € 15m on 2019 EBITDA. Longer term, we believe that the attack is unlikely to have a major impact on the group's relation with customers but it could trigger increased IT investments (+€ 15m-€ 20m p.a.). We are quite reassured by the manageable consequences of recent comparable attacks at Altran and Norsk Hydro. Against...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Laurence Hofmann
  • Martial Descoutures
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/27/2019

...

Christophe-Raphaël Ganet ...
  • Jean-François Granjon
  • Jeremy Garnier
  • Laurence Hofmann
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 06/27/2019

...

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...

Christophe-Raphaël Ganet

ODDO : M&A in the retirement homes sector

>Emera and Domidep in talks - According to the French financial daily, Les Echos, Emera is in talks with two funds and a competitor. The group is looking for a value of between € 500m and € 600m.At the same time, Domidep has reportedly opened negotiations with a view to restructuring its capital. The press cites a value of € 1bn.Two different profiles - Emera is the seventh-largest operator in the French retirement home segment (43 retirement hom...

Christophe-Raphaël Ganet

ODDO : M&A dans le secteur EHPAD

>Emera et Domidep en pourparlers - D’après Les Echos, Emera serait en discussion avec 2 fonds et un concurrent. Le groupe chercherait à se valoriser entre 500 M€ et 600 M€.De même, Domidep aurait entamé une négociation visant une recomposition de son capital. L’article évoque une valeur de 1 Md€.2 profils différents - Emera est le septième opérateur du marché français des opérateurs d’EHPAD (43 EHPAD en France et 7 en Suisse, Belgique, Luxembourg...

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet

Eurofins : Cyber-attack: a “material” impact in Q2 2019

>Update from the company on the cyber-attack with no precise figures - Eurofins issued a press release this morning stating that the cyber-attack (ransomware) over the weekend of 1-2 June would have a significant impact on Q2, but did not give precise figures or say what the equivalent was in days of work affected/lost.The functionalities of the IT system were restored in the bulk of the network of laboratories on 17 June.2% of the network is still affected....

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet

Eurofins : Cyber attack : un impact « matériel » au T2 2019

>Cyber attack : update non quantitatif de la société - Eurofins a communiqué ce matin en indiquant que la « cyber attack » dont il a été victime (ransomeware) pendant le week-end du 1-2 juin aurait un impact significatif sur le T2, sans le chiffrer précisément, ni indiquer un équivalent de jours de travail impactés / perdus.Les fonctionnalités des systèmes d’information auraient été restaurées dans une vaste majorité du réseau de laboratoires, le 17 juin.Enc...

Christophe-Raphaël Ganet ...
  • Geoffroy Michalet

Eurofins : Q1 sales in line – No specific momentum effect

>Sales up 27% and 4.9% like-for-like - Q1 sales totalled € 1.07bn, up 27.2% and 4.9% like-for-like adjusted for the number of working days (+3.6% excluding the calendar effect).Germany (10% of sales), the UK (6%), Scandinavian countries (6%) and the Rest of World (15%) recorded growth of over 5%, whereas the US (36%) and France (20%) appear to have fallen short of guidance for +5%.As a reminder, i/ two large acquisitions (Covance in August 2018 and TestAmeri...

1 director sold after exercising options/sold

A director at Eurofins Scientific sold after exercising options/sold 141,750 shares at 405.000EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted und...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Laurence Hofmann
  • Martial Descoutures
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/27/2019

...

Christophe-Raphaël Ganet ...
  • Jean-François Granjon
  • Jeremy Garnier
  • Laurence Hofmann
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 06/27/2019

...

Christophe-Raphaël Ganet ...
  • Jean-François Granjon
  • Jeremy Garnier
  • Laurence Hofmann
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 27/06/2019

...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Laurence Hofmann
  • Martial Descoutures
  • Pierre Corby

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/06/2019

...

Alfred Glaser ...
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Laurence Hofmann

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/24/2019

The IEA has devised a scenario for decarbonising the cement industry in line with the 2°C target. While the global trajectory seems plausible, the considerable weighting of carbon capture raises questions. European cement makers are lagging behind but have the wherewithal to make a significant contribution to the industry’s low-carbon transition. Cf. report published this morning. - ...

EUROFINS SCIENTIFIC AG sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of EUROFINS SCIENTIFIC AG (FR), a company active in the Health Care Providers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 9, 2019, the closing price was EUR 392.00 and its potential was estimated at EUR 452.39.

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 : La cyberattaque ne remet pas en cause la trajectoire d’amélioration des résultats. Nous passons à Achat sur les seniors 22 et 23 et la perp. call 25

Nous refaisons le point sur les conséquences de la cyberattaque qui a entraîné un élargissement des spreads d’Eurofins. En première approche, nous estimons l’impact à 25 m EUR sur le CA et 15 m EUR sur l’EBITDA 2019. A long terme, nous pensons que cette attaque n’aura pas de conséquence majeure sur la relation avec ses clients même si elle devrait entraîner une hausse des investissements informatiques (+15 à 20 m EUR par an). Nous sommes plutôt rassurés par les conséquences gérab...

Maxime Kogge

Eurofins : The cyberattack poses no major threats to deleveraging trajectory. We switch to Buy on 2022 and 2023 senior and call 2025 perpetual bonds

We are going through the consequences of the cyberattack which caused a widening of Eurofins spreads. At first glance, we estimate its impact on sales at € 25m and € 15m on 2019 EBITDA. Longer term, we believe that the attack is unlikely to have a major impact on the group's relation with customers but it could trigger increased IT investments (+€ 15m-€ 20m p.a.). We are quite reassured by the manageable consequences of recent comparable attacks at Altran and Norsk Hydro. Against...

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 ...

SRI Quantitative KPIs

Les analyses Gaïa sont des analyses ESG (Environnement, Social, Gouvernance) dediees aux entreprises de tailles intermediaires (PME, ETI) françaises. Elles presentent 120 indicateurs quantitatifs sur les trois derniers exercices.

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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