Virbac : Q4 sales in line – much of the upside used up: Neutral vs Buy - target price: € 245 vs € 240
>Q4 2019 in line, bearing out the margin targets - Q4 sales of € 240.9m, +2.7% and +1.6% cc (vs 9M: +9.9% and +6%cc).The full-year sales clocked in at € 938.2m (+8.0% et +6.6% cc - at constant currency). Excluding the favourable impact of forex, notably the US dollar, Mexican peso and Indian rupee, sales rose 6.6%. All regions contributed to growth in 2019, including Chile. Over the year, growth totalled 18.8% (+13.6% cc) in the US (+7% excluding the stocking eff...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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