Report
Christophe-Raphaël Ganet

Boiron : Valuation calls for a more favourable view of Boiron

>A trend reversal on the horizon - After contact with the company, we are adjusting our forecasts and adopting a more constructive stance on the stock:Contraction in sales in France seems to be continuing (reminder: Q1 2020 sales: -12%) due to a cut in the reimbursement rate for homoeopathy (15% vs. 30% since 1 January 2020) and the retirement of certain physicians prescribing homoeopathic treatments. However, the US (+60% in Q1) seems to have benefited from a ...
Underlying
Boiron SA

Boiron manufactures and markets homeopathic medicines. Homeopathic medicines are prepared from vegetable, animal, mineral, or chemical substances, which are diluted. Co. sells three types of products in 59 countries: Non-proprietary homeopathic medicines, OTC family medication specialties, and Other products. There are two large families of homeopathic medicines: Those associated with precise therapeutic indications and dosage, and those that do not mention a therapeutic indication or dosage. Co. supports homeopathy education and training organizations for healthcare professionals. Some of Co.'s brand names include Oscillococcinum®, Stodal®, S?datif PC®, and Coryzalia.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Christophe-Raphaël Ganet

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