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...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.
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.
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