Virbac - Good but unsurprising annual results
Slightly higher results in 2023 in line with management's latest expectations2024 guidance confirmed, implying stable EBITA marginsValuation multiples remain affordable compared with historical transactions in the sector and with the main listed playersAdd opinion maintained and target price slightly raised to €365/shareVirbac 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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