Eurofins reported FY 17 results in line with our as well as market expectations. The company continued with its aggressive M&A strategy, undertaking a record 60 acquisitions in FY 17. Given the stated objective of €4bn in sales by 2019 is within reach, there seems little need to pursue such an aggressive stance. Considering the deteriorating leverage position and higher execution risk attached to the acquisitive strategy, we have tweaked our estimates downward with no change in our s
12 Mar 2018
Inorganic growth with some caveats attached
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Inorganic growth with some caveats attached
Eurofins Scientific SE (ESF:WBO) | 0 0 1.6% | Mkt Cap: 8,723m
- Published:
12 Mar 2018 -
Author:
Ankush Kathuria -
Pages:
4
Eurofins reported FY 17 results in line with our as well as market expectations. The company continued with its aggressive M&A strategy, undertaking a record 60 acquisitions in FY 17. Given the stated objective of €4bn in sales by 2019 is within reach, there seems little need to pursue such an aggressive stance. Considering the deteriorating leverage position and higher execution risk attached to the acquisitive strategy, we have tweaked our estimates downward with no change in our s