Vetoquinol SA (VETO.PA) | Investment Case

1. Company Snapshot

1.a. Company Description

Vetoquinol SA, a veterinary pharmaceutical company, designs, develops, and sells veterinary drugs and non-medicinal products in Europe, the Americas, and the Asia Pacific region.It provides products in the areas of mobility, pain, and inflammation; dermatology, hygiene, and care; anti-parasite; udder health; infectious diseases; reproduction; behavior management; internal medicine; and cardiology-nephrology for cattle, sheep, pigs, poultry, and dogs.The company was founded in 1933 and is headquartered in Lure, France.

Vetoquinol SA is a subsidiary of Soparfin SCA.

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1.b. Last Insights on VETO

Vetoquinol SA's recent performance was driven by a solid financial year in 2024, marked by growth in almost all reference markets, high profitability, and sustained cash generation. The company's "Essentials" model, which has delivered average annual growth of over 8% for the past 10 years, continues to drive long-term profitable growth. Additionally, the company's focus strategy has enabled it to navigate uncertainties, such as those experienced in the United States in 2024. Furthermore, Vetoquinol's strong cash generation has positioned it for future growth and investment opportunities.

1.c. Company Highlights

Last Price	75
Change Percentage	3.59%
Open	72.4
Previous Close	72.4
Market Cap ( Millions)	885
Volume	2364
Year High	85.6
Year Low	63.6
M A 50	75.17
M A 200	75.13

FCF Yield	6.30%
Dividend Yield	1.19%
ROE	10.49%
Debt / Equity	3.13%
Net Debt / EBIDTA	-150.90%
Price To Book	1.56
Price Earnings Ratio	14.73
Price To FCF	15.87
Price To sales	1.66
EV / EBITDA	6.64

2. Transcript Summary

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3. NewsRoom

Vetoquinol: Sales at End September 2025

Oct -28

Source:

Vetoquinol (ENXTPA:VETO) Discusses 2025 Half-Year Financials In Recent Board Meeting

Sep -11

Source:

Vetoquinol: 2025 Half Year Results

Sep -11

Source:

Does Vetoquinol’s Recent 21.8% Price Drop Signal a New Entry Point for 2025?

Sep -09

Source:

[Latest] Global Pet Oral Care Products Market Size/Share Worth USD 3,583.11 Million by 2034 at a 5.73% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth Rate, Value, SWOT Analysis)

Jul -10

Source:

Pet Dietary Supplements Market Forecast Report to 2030, with Profiles of Nestle, Elanco, Virbac, Zoetis Services, Vetoquinol, Wellness Pet, Affinity Petcare, Thorne Vet, and Nutri-Pet Research

Jul -02

Source:

Vetoquinol: Availability of the 2024 Universal Registration Document

Apr -25

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Vetoquinol Group: Sales for 1st Quarter 2025

Apr -25

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.80%)

6. Segments

Pets

Expected Growth: 3.5%

Vetoquinol SA's 3.5% growth in the Pets segment is driven by increasing pet humanization, rising demand for premium pet care products, and growing awareness of animal health. Additionally, the company's strategic expansion into new markets, innovative product launches, and strong distribution networks contribute to its growth momentum.

Livestock

Expected Growth: 4.5%

Vetoquinol SA's Livestock segment growth of 4.5% is driven by increasing demand for animal health products, expansion into emerging markets, and strategic partnerships. Rising awareness of animal welfare and growing adoption of precision livestock farming also contribute to growth. Additionally, the company's focus on innovation and R&D investments in parasiticides and vaccines support revenue expansion.

7. Detailed Products

Cerenia

A medication used to prevent and treat motion sickness in dogs

Upcard

A medication used to treat heart failure in dogs

Zylkène

A natural product used to calm and reduce anxiety in dogs and cats

Eqvalan

A medication used to treat internal parasites in horses

Solensia

A medication used to treat osteoarthritis in cats

Imizol

A medication used to treat coccidiosis in cattle

8. Vetoquinol SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Vetoquinol SA is moderate due to the presence of alternative products and services in the animal health industry.

Bargaining Power Of Customers

The bargaining power of customers is low for Vetoquinol SA, as the company has a diverse customer base and is not heavily dependent on a single customer.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Vetoquinol SA, as the company relies on a few key suppliers for raw materials and services.

Threat Of New Entrants

The threat of new entrants is high for Vetoquinol SA, as the animal health industry is attractive and has low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry is high for Vetoquinol SA, as the animal health industry is highly competitive and fragmented.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	3.24%
Debt Cost	7.21%
Equity Weight	96.76%
Equity Cost	8.48%
WACC	8.44%
Leverage	3.34%

11. Quality Control: Vetoquinol SA passed 6 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Fagron

A-Score: 5.6/10

Value: 4.5

Growth: 5.0

Quality: 6.1

Yield: 1.9

Momentum: 6.5

Volatility: 9.3

1-Year Total Return ->

PharmaSGP Holding

A-Score: 5.5/10

Value: 3.9

Growth: 6.6

Quality: 9.0

Yield: 2.5

Momentum: 4.0

Volatility: 7.0

1-Year Total Return ->

Reig Jofre

A-Score: 5.3/10

Value: 6.8

Growth: 7.9

Quality: 5.1

Yield: 1.9

Momentum: 4.0

Volatility: 6.3

1-Year Total Return ->

Vetoquinol

A-Score: 4.5/10

Value: 5.6

Growth: 4.8

Quality: 7.0

Yield: 1.2

Momentum: 3.0

Volatility: 5.7

1-Year Total Return ->

Boiron

A-Score: 4.5/10

Value: 5.7

Growth: 2.1

Quality: 6.2

Yield: 8.8

Momentum: 1.0

Volatility: 3.0

1-Year Total Return ->

Swedencare

A-Score: 3.5/10

Value: 3.1

Growth: 8.9

Quality: 4.7

Yield: 0.6

Momentum: 2.0

Volatility: 1.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-0.51%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.44%

Vetoquinol SA - FR0004186856

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on VETO

1.c. Company Highlights

Medium Volatility

Average Growth

Average Quality

Less Volatile

Stable Momentum

Revenues Beats

Weak Momentum

Fairly Valued

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.80%)

6. Segments

Pets

Expected Growth: 3.5%

Livestock

Expected Growth: 4.5%

7. Detailed Products

Cerenia

Upcard

Zylkène

Eqvalan

Solensia

Imizol

8. Vetoquinol SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Vetoquinol SA passed 6 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

75.0$

Current Price

75$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA