Financials Virbac

Equities

VIRP

FR0000031577

Pharmaceuticals

Market Closed - Euronext Paris Other stock markets 11:35:12 2024-04-26 am EDT			5-day change	1st Jan Change
349 ^EUR	+0.72%		-7.18%	-2.92%

Apr. 17	VIRBAC : A healthy start to 2024; outlook re-iterated
Apr. 17	Virbac: sales up by almost 10% in Q1	CF

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	959.3	1,993	2,008	3,584	1,927	2,921	2,921	-
Enterprise Value (EV) ¹	1,385	2,361	1,917	3,510	1,848	2,983	2,995	2,877
P/E ratio	47.6 x	38.7 x	14.6 x	31.7 x	15.8 x	25 x	21.1 x	19 x
Yield	-	-	0.32%	0.29%	0.58%	0.37%	0.42%	0.47%
Capitalization / Revenue	1.1 x	2.12 x	2.15 x	3.37 x	1.58 x	2.43 x	2.12 x	1.97 x
EV / Revenue	1.59 x	2.52 x	2.05 x	3.3 x	1.52 x	2.39 x	2.17 x	1.94 x
EV / EBITDA	12 x	14.6 x	11.3 x	16.3 x	8.27 x	12.8 x	11.5 x	9.92 x
EV / FCF	40.3 x	21.7 x	21.3 x	36.5 x	40.7 x	50.8 x	34.3 x	25.6 x
FCF Yield	2.48%	4.6%	4.69%	2.74%	2.46%	1.97%	2.91%	3.91%
Price to Book	2.08 x	3.85 x	3.22 x	4.95 x	2.29 x	3.34 x	2.83 x	2.42 x
Nbr of stocks (in thousands)	8,430	8,427	8,436	8,443	8,451	8,370	8,370	-
Reference price ²	113.8	236.5	238.0	424.5	228.0	349.0	349.0	349.0
Announcement Date	3/18/19	3/16/20	3/17/21	3/22/22	3/23/23	3/19/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	868.8	938.3	934.2	1,064	1,216	1,247	1,378	1,480
EBITDA ¹	115.8	162.1	169.1	215.1	223.4	232.8	261.1	290.2
EBIT ¹	73	107.4	120.5	168.9	182.8	184.9	201.9	226.9
Operating Margin	8.4%	11.45%	12.9%	15.87%	15.03%	14.83%	14.65%	15.33%
Earnings before Tax (EBT) ¹	40.89	77.67	175.2	159.1	176.4	174.2	194.6	220.2
Net income ¹	20.1	51.6	137.5	113.2	122	121.3	138.8	154.9
Net margin	2.31%	5.5%	14.72%	10.64%	10.03%	9.73%	10.07%	10.47%
EPS ²	2.390	6.110	16.29	13.40	14.43	14.38	16.56	18.33
Free Cash Flow ¹	34.4	108.6	89.92	96.25	45.41	58.74	87.28	112.4
FCF margin	3.96%	11.58%	9.63%	9.05%	3.73%	4.71%	6.33%	7.59%
FCF Conversion (EBITDA)	29.7%	67.02%	53.17%	44.76%	20.33%	25.23%	33.43%	38.72%
FCF Conversion (Net income)	171.14%	210.5%	65.4%	85.03%	37.22%	48.43%	62.87%	72.52%
Dividend per Share ²	-	-	0.7500	1.250	1.320	1.320	1.459	1.626
Announcement Date	3/18/19	3/16/20	3/17/21	3/22/22	3/23/23	3/19/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2019 S2	2020 S1	2021 Q1	2021 Q2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	463.6	-	478.3	266.5	262.9	529.4	288.2	246.4	318	298.4	616.4	304.9	295.2	609.9	314.8	316.4	341
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	50	48	79.1	-	-	-	-	-	-	-	115.5	-	-	108.5	-	-	-
Operating Margin	10.79%	-	16.54%	-	-	-	-	-	-	-	18.74%	-	-	17.79%	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	-	3/16/20	7/20/20	4/15/21	9/22/21	-	10/18/21	3/22/22	6/15/22	9/15/22	9/15/22	10/18/22	9/19/23	-	10/23/23	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	426	368	-	-	-	-	73.5	-
Net Cash position ¹	-	-	90.2	73.8	79.4	52.4	-	44
Leverage (Debt/EBITDA)	3.679 x	2.273 x	-	-	-	-	0.2817 x	-
Free Cash Flow ¹	34.4	109	89.9	96.3	45.4	58.7	87.3	112
ROE (net income / shareholders' equity)	4.48%	10.5%	24.1%	16.8%	15.6%	13.9%	13.6%	13.5%
ROA (Net income/ Total Assets)	-	-	-	-	9.62%	8.7%	9%	9%
Assets ¹	-	-	-	-	1,268	1,395	1,542	1,721
Book Value Per Share ²	54.70	61.40	73.80	85.80	99.40	108.0	123.0	144.0
Cash Flow per Share ²	8.110	15.60	14.30	15.40	11.70	14.10	22.60	25.40
Capex ¹	33.9	23	31	33.7	53.6	59.9	89.6	79.9
Capex / Sales	3.9%	2.45%	3.32%	3.16%	4.41%	4.8%	6.5%	5.4%
Announcement Date	3/18/19	3/16/20	3/17/21	3/22/22	3/23/23	3/19/24	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Virbac

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

349 EUR

Average target price

368 EUR

Spread / Average Target

+5.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Veterinary Drugs

	1st Jan change	Capi.
VIRBAC	-2.92%	3.12B
ZOETIS INC.	-19.73%	72.39B
ELANCO ANIMAL HEALTH INCORPORATED	-11.01%	6.54B
BLUESTAR ADISSEO COMPANY	+15.88%	3.43B
VIMIAN GROUP AB	-0.68%	1.4B
JINYU BIO-TECHNOLOGY CO., LTD.	-17.27%	1.34B
VETOQUINOL SA	-2.73%	1.26B
WUHAN KEQIAN BIOLOGY CO.,LTD	-14.67%	1.12B
TIANJIN RINGPU BIO-TECHNOLOGY CO.,LTD.	-5.37%	990M
PULIKE BIOLOGICAL ENGINEERING, INC.	-24.06%	805M

Veterinary Drugs