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The Q3 sales exceeded the consensus expectations and the healthy growth was supported by both segments. Consequently, the management revised its full-year sales and profitability guidance upwards to which the market’s reaction was ebullient with the share price ending the day 11% higher. Overall, the promising long-term prospects for the animal healthcare market, along with the firm’s strong R&D focus and robust balance sheet, support our positive stance on Virbac.
Companies: Virbac (VIRP:EPA)Virbac SA (VIRP:PAR)
AlphaValue
Virbac’s H1 23 profits exceeded the markets’ expectations, though sales figures had already been reported in July 2023. Besides the slowdown in the animal healthcare market, limitations in production capacity and the June 2023 cyber-attack, higher R&D expenses weighed on profitability. Still, the 2023 guidance remained unchanged. Notwithstanding the near-term profitability pain, the firm’s focus on R&D acceleration and capacity expansion, along with a strong balance sheet, should help it capital
The Q2 23 sales matched the consensus expectations, with both the Companion Animals and Farm Animal segments witnessing modest growth as, apart from slowing markets, the quarter was impacted by bigger-than-expected production constraints and a cyber-attack. Nonetheless, these issues are transitory in nature and should not have much bearing on the promising long-term prospects for both segments which, in addition to the firm’s strong balance sheet, underpin our positive recommendation on Virbac.
A weaker start to 2023 shouldn’t be a concern and, given that the full-year guidance has been maintained, Virbac should be able to compensate in the subsequent quarters. Both its segments are well positioned to achieve healthy medium-to-long term growth, which should find impetus from the ongoing R&D investment and Chinese expansion plans. Moreover, Dechra’s (the firm’s peer) potential takeover at a high premium to its undisturbed valuation bodes well for Virbac’s ongoing re-rating.
Q4 22 sales exceeded expectations and both segments contributed healthily, with CA being the dominant growth engine. FPA however was somewhat restrained by external factors. While the 2022 margin is now expected to come in at the upper-end of the guidance, the soft 2023 outlook was maintained. Overall, the Q4 and full-year sales performance was better than that of French peer Vetoquinol. Looking beyond the current macroeconomic uncertainties, we remain confident of Virbac’s long-term business fu
Virbac’s Q3 sales were impacted by tough comps in the companion animals (CA) segment and an adverse regulatory event in the food producing animals segment. While geopolitical uncertainties and rising inflation are near-term risks, which probably also influenced the moderation in the 2022 guidance, the underlying potential of the focus markets remains intact. And despite the firm’s smaller scale vis-à-vis competitors, a net cash position implies that there’s ample room to withstand operational ch
Virbac is a French firm specialising in animal healthcare markets. Robust R&D, better growth and margin profile of the CA segment, long-term focus on pet care and vaccines (strong potential areas), expansion plans in promising US and Chinese markets, and strong/sacrosanct growth drivers for the overall AH market support the firm’s investment case. While ongoing market challenges can pose near-term (margin) challenges, the underlying balance sheet cushion is a comforting/valuable positioning. Hen
Research Tree provides access to ongoing research coverage, media content and regulatory news on Virbac SA. We currently have 0 research reports from 4 professional analysts.
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
Hybridan
Companies: STX FADL POLB
Cavendish
Companies: CNC RNO MAI IUG CUSN POLB
Following Creo Medical’s H123 trading update (see our August note), management has reported detailed results, including a 42% increase (sequentially over H222) in the volume of Speedboat Inject procedures, coupled with expansion into the US consumables business market. Creo continues to build momentum with its Pioneer training programme. Management remains active on licensing and regulatory fronts, through its robotic deals with Intuitive and CMR, further exploration of potential licensing for i
Companies: Creo Medical Group Plc
Edison
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Shield Therapeutics Plc
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY
Companies: Diaceutics Plc
Capital Access Group
Companies: VEL FRP CHAR POLB
Companies: IGP RUA BOOM
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