Virbac : Feedback from road show: looking beyond the recovery alone
>H1 2019: a first indicator of the group’s potential - Virbac unveiled favourable interim results (underlying operating profit : +48% - net earnings : +125%), giving a significant increase of 400bp in the operating margin, or around +300bp excluding one-off items, and an increasingly healthy balance sheet (leverage: 3x vs covenant of 3.75x at end-2019). These figures emphasise the good execution of the recovery plan - margins better than expected, especially with good...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.
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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