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HEALTHCARE: Eurofins (ERFFP: Baa3/BBB-): Fitch affirm

HEALTHCARE
  • After all the noise with MuddyWaters, the equity is up 26% from the lows and there have been no further attacks
  • Fitch note Profitability to Steadily Increase: Expect EBITDAR margin to grow from 19% to >20% with organic growth to remain in high single digits
  • Net leverage to fall <3x 2026 from 3.3x 2023
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  • After all the noise with MuddyWaters, the equity is up 26% from the lows and there have been no further attacks
  • Fitch note Profitability to Steadily Increase: Expect EBITDAR margin to grow from 19% to >20% with organic growth to remain in high single digits
  • Net leverage to fall <3x 2026 from 3.3x 2023