Vetoquinol - Cash levels give a room for M&A activities
The 2023 results were down in terms of ROC and slightly below our expectations, but the Group's outlook is reassuring2024 growth in line with the market, with profitability maintainedStronger cash position (€130m net cash), leaving room for M&A.We maintain our Add opinion, with an unchanged target price of €110/share.V?toquinol is a global player in the animal health sector, serving both the livestock (cattle and pigs) and pet (dogs and cats) markets. Co. designs, develops, and sells veterinary drugs and non-medicinal products in Europe, the Americas and the Asia Pacific region, as an independent entity. Co. is also active in the therapeutic fields of anti-infectives, pain-inflammation and cardiology-nephrology treatment. As of Dec 31 2013, Co.'s product portfolio included brands such as Aurizon®, Epiphen®, Ipakitine®, Marbocyl®, Propalin®, Tolf?dine®, Tolfine®, Clavaseptin®, and Vetprofen®. Co.'s brands are V?toquinol, Tomlyn, and Evsco in the U.S.A. and Equistro for the horse range.
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