Report
Christophe-Raphaël Ganet

Virbac : Feedback roadshow : capacité à se projeter au-delà de la seule recovery

>S1 2019 : une première mesure du potentiel - Virbac a dévoilé des résultats semestriels très bons (ROC : +48% - BN : +125%), faisant ressortir une MOP en sensible hausse de 400 pb et env. +300 pb hors one-offs, et une structure financière de plus en plus saine (levier : 3x vs covenant à 3,75x à fin 2019). Ces chiffres soulignent la bonne exécution du plan de redressement : marges meilleures qu'attendu, avec surtout de bons volumes aux USA et des effets mix au Chili, ...
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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