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Eurofins (ERFFP: Baa3/BBB-): 1H24 Results

HEALTHCARE
Very solid (though of course we still have MuddyWaters on the side-lines)
  • 6 month revenues of €3,419m set a new record, exceeding even Covid years
  • Growth of 6.5%
  • Adj EBITDA €757m +18.1% vs 1H23
  • EBITDA Margins 22.1% considerably better than the teens seen pre-pandemic
  • ND/EBITDA 1.9x - well within 1.5-2.5x range

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