Report
Christophe-Raphaël Ganet

Virbac : Acquisition au Japon (>5% du CA 24e de Virbac) – Léger relèvement des BPA – Après opération, le levier financier resterait, selon nous, <1x

>Acquisition d’un portefeuille et d’une infrastructure au Japon - Virbac a annoncé l’acquisition de Sasaeah (75 M€ de CA, soit plus de 5,5% du CA que nous anticipons pour 2024e – 500 personnes) pour une VE d’env. 280 M€. Sasaeah est l’entité née du regroupement de 2 acteurs historiques de la santé animale (Fujita Pharmaceutical Co. Ltd. et Kyoto Biken Laboratories Inc.) fusionnés et gérés par le conglomérat ORIX Corporation, Sasaeah est bien implanté au Japon, où il c...
Underlying
Virbac SA

Virbac 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.

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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