Virbac - A profit warning that does not call into question the quality of the Group's fundamentals
Growth and margin targets for 2023 revised downwardsThe animal health market continues to slow down after 2 exceptional years of recovery from containment. The market will return to its normal growth rate, but this will take a little longer than expected.We are maintaining our BUY opinion, but are lowering our target price to €330/share (vs. €350 previously) in view of the adjustment of our forecasts in line with the new guidance.Valuation multiples remain affordable compared to historical transactions in the sector and to the main listed competitorsVirbac is an independent veterinary pharmaceutical laboratory. Co. develops and provides veterinarians and farmers with medicines and vaccines that improve the health of food producing animals. Co. markets a range of products designed for pets and livestock. It offers seven types of products for companion animals (Parasiticides, Immunology, Antibiotics/dermatology, Specialties, Equine, Specialized pet food and Other products), and four types of products for food producing animals (Bovine parasiticides, Bovine products (excluding parasiticides), Pig/poultry antibiotics and Other products). Co. markets its products in the ethical (veterinarian) and OTC markets.
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