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1. Company Snapshot

1.a. Company Description

SYNLAB AG provides clinical laboratory and medical diagnostic services for insurance companies, hospitals, pharmacies, national health organizations, practicing doctors, clinics, patients, governments, and corporations primarily in Europe.The company offers Coronavirus tests, and medical and veterinary diagnostics services.It operates through approximately 500 laboratories and 1,800 blood collection points in 36 countries in four continents.


The company was founded in 1998 and is headquartered in Munich, Germany.

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1.b. Last Insights on SYAB

SYNLAB AG's recent 3-month performance (-2.0%) may be attributed to the decline in stock price, despite decent financials. The company's 1Q 2024 earnings showed a 2.8% revenue drop, with EPS decreasing to €0.11 from €0.13 in 1Q 2023. The market's reaction may be influenced by the decline in revenue and earnings, despite the company's efforts to maintain profitability.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Is Now An Opportune Moment To Examine SYNLAB AG (ETR:SYAB)?

Jun -18

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London Hospitals Hit by Cyberattack Impacting Blood Transfusions

Jun -04

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SYNLAB First Quarter 2024 Earnings: EPS: €0.11 (vs €0.13 in 1Q 2023)

May -11

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Declining Stock and Decent Financials: Is The Market Wrong About SYNLAB AG (ETR:SYAB)?

Apr -29

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At €11.25, Is SYNLAB AG (ETR:SYAB) Worth Looking At Closely?

Nov -29

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Kuehne + Nagel International (VTX:KNIN) Is Aiming To Keep Up Its Impressive Returns

Oct -27

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APG|SGA (VTX:APGN) Has Some Difficulty Using Its Capital Effectively

Jun -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.94%)

6. Segments

Human Medicine

Expected Growth: 9%

SYNLAB AG's Human Medicine segment growth is driven by increasing demand for diagnostic services, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on innovative testing solutions, digitalization, and personalized medicine contributes to its 9% growth rate.

Veterinary Medicine

Expected Growth: 7%

The 7% growth in Veterinary Medicine from SYNLAB AG is driven by increasing pet ownership, rising demand for animal health services, and advancements in diagnostic technologies. Additionally, the growing need for disease surveillance and monitoring, as well as the increasing importance of animal health in the food chain, contribute to this growth.

Trading Goods and Services

Expected Growth: 6%

SYNLAB AG's 6% growth in Trading Goods and Services is driven by increasing demand for diagnostic services, expansion into new markets, and strategic partnerships. Additionally, investments in digitalization and automation have improved operational efficiency, enabling the company to capitalize on growing healthcare expenditure and an aging population.

Environmental and Other Analysis, Studies, Expertise

Expected Growth: 5%

SYNLAB AG's 5% growth is driven by increasing demand for environmental testing and analysis, expansion into emerging markets, and strategic acquisitions. The company's expertise in providing comprehensive laboratory services, including water, air, and soil testing, positions it for growth in the environmental sector. Additionally, SYNLAB's investment in digitalization and automation enhances operational efficiency, further supporting its growth trajectory.

Software Solutions and Services

Expected Growth: 8%

SYNLAB AG's Software Solutions and Services segment growth is driven by increasing demand for digital healthcare solutions, expansion into new markets, strategic partnerships, and investments in AI-powered diagnostic tools. Additionally, the growing need for data analytics and interoperability in healthcare systems, as well as the rising adoption of cloud-based services, contribute to the segment's 8% growth.

7. Detailed Products

Human Diagnostics

SYNLAB AG offers a wide range of diagnostic tests and services for human health, including molecular diagnostics, microbiology, and pathology.

Veterinary Diagnostics

SYNLAB provides diagnostic services for animal health, including testing for diseases, parasites, and contaminants in animals.

Environmental Diagnostics

SYNLAB offers testing and analysis services for environmental samples, including water, air, and soil, to detect contaminants and pollutants.

Food Diagnostics

SYNLAB provides testing and analysis services for food and beverages, including detection of contaminants, allergens, and adulterants.

Pharma and Biotech Services

SYNLAB offers specialized testing and analysis services for the pharmaceutical and biotechnology industries, including bioanalysis, biomarker testing, and clinical trials support.

8. SYNLAB AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for SYNLAB AG is moderate due to the presence of alternative diagnostic services and products.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of SYNLAB AG's services and the lack of alternative providers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers of diagnostic equipment and reagents.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the diagnostic services industry, including regulatory hurdles and the need for specialized expertise.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the diagnostic services industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.20%
Debt Cost 8.41%
Equity Weight 68.80%
Equity Cost 8.41%
WACC 8.41%
Leverage 45.35%

11. Quality Control: SYNLAB AG passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Ipsen

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Growth: 6.0

Quality: 7.7

Yield: 1.2

Momentum: 6.0

Volatility: 7.3

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Qiagen

A-Score: 5.1/10

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Growth: 4.4

Quality: 7.2

Yield: 3.8

Momentum: 3.5

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bioMérieux

A-Score: 5.1/10

Value: 2.0

Growth: 5.3

Quality: 6.6

Yield: 1.2

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Eurofins Scientific

A-Score: 4.6/10

Value: 3.1

Growth: 6.0

Quality: 3.9

Yield: 1.9

Momentum: 7.0

Volatility: 6.0

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DiaSorin

A-Score: 4.3/10

Value: 3.4

Growth: 5.0

Quality: 7.3

Yield: 1.9

Momentum: 0.5

Volatility: 8.0

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Synlab

A-Score: 4.1/10

Value: 5.7

Growth: 8.0

Quality: 3.7

Yield: 1.9

Momentum: 4.0

Volatility: 1.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.06$

Current Price

11.06$

Potential

-0.00%

Expected Cash-Flows