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HEALTHCARE: Eurofins (ERFFP: Baa3/BBB-) FY24 Preview

HEALTHCARE
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Eurofins equity dropped 20% in October after lowering its FY Revenue Guidance to €7bn
• Today’s Sartorius numbers gave some impetus to Eurofins which was already recovering. Equity has regained over half of the drop.
• BBERG analysts survey has Revenue of €7bn for 2024 rising to €7.5bn 2025
• 3Q24 company report had an “approaching” €10bn objective for FY27 with an Adj EBITDA Margin of 24%
• ERFFP 6.75 Call28 was z+244 early Oct, widened to +295, and is now +263
• Sub_Sen +166 (estimate) is in line with VW and -25 inside Bayer. Given the BB rating, there isn’t much upside there.
• The senior curve has rallied and steepened significantly – see attached.

 

Eurofins
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Eurofins equity dropped 20% in October after lowering its FY Revenue Guidance to €7bn
• Today’s Sartorius numbers gave some impetus to Eurofins which was already recovering. Equity has regained over half of the drop.
• BBERG analysts survey has Revenue of €7bn for 2024 rising to €7.5bn 2025
• 3Q24 company report had an “approaching” €10bn objective for FY27 with an Adj EBITDA Margin of 24%
• ERFFP 6.75 Call28 was z+244 early Oct, widened to +295, and is now +263
• Sub_Sen +166 (estimate) is in line with VW and -25 inside Bayer. Given the BB rating, there isn’t much upside there.
• The senior curve has rallied and steepened significantly – see attached.

 

Eurofins