Vetoquinol: Stifel remains a buy after results

(CercleFinance.com) - Stifel has confirmed its buy recommendation on the share and has left its target price unchanged at E120 following the publication of results for 2024.


Vetoquinol has announced a 5.6% increase in net income (group share) to E58.7 million for 2024. The animal health group's sales came to 539.2 million euros, up 1.9% (+2.2% at constant exchange rates).

'For the first time in 3 years, the Group's adjusted EBIT is back on a growth track. The Group does not provide guidance for 2025. However, we understand that Europe could continue to experience the same growth thanks to Essentials, and that America should benefit from a favorable basis of comparison after the temporary difficulties encountered by the Group' says the research firm.

Stifel now considers Vetoquinol as a company capable of accelerating its EPS growth thanks to the repositioning of its product portfolio, its high gross margin and its strong firepower.

Stifel believes that the company currently has an objectively low valuation multiple, showing a significant discount to its peers and historical multiples.

'We believe that the positive recovery should strengthen with accelerating earnings growth, leading to solid revaluation potential' says the broker in conclusion.

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