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1. Company Snapshot

1.a. Company Description

Eurofins Scientific SE, together with its subsidiaries, provides various analytical testing and laboratory services worldwide.The company offers a portfolio of approximately 200,000 analytical methods to evaluate the safety, identity, composition, authenticity, origin, traceability, and purity of various products.It provides services such as agro-science, including biological assessment, consumer and human, and environmental safety, product chemistry, regulatory consultancy, and seed services; agro testing; assurance, such as product inspection, auditing, certification, training and consultation of food, consumer products, and healthcare and cosmetics; biopharma, and clinical diagnostics.


In addition, the company offers consumer product testing, which include product compliance and audit, testing, certifications and approvals, inspections, training courses, and digital media and cyber security for various industries; cosmetics and personal care; environment testing, including water, air, soil, waste, and other products testing; and food and feed testing that include allergen, GMO, grain, meat, nano material, pesticides, and residual DNA testing.Further, it offers audit and certification, authenticity, carbohydrates, consulting, dioxins and POPs, food irradiation, labelling, law, heavy metals, identity preservation, mealtime, molecular and microbiology, mycotoxins, nutritional analyses, organic containments, packaging/migration, radioactivity, rapidest, sensorsy and consumer research, trainings, veterinary drug residues, and vitamins services.Additionally, the company provides forensic, genomic, maritime, materials and engineering, REACH, and technologies services.


It operates approximately 900 laboratories in 54 countries.The company was founded in 1987 and is headquartered in Luxembourg City, Luxembourg.

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1.b. Last Insights on ERF

Eurofins Scientific SE's recent performance has been influenced by several factors. The company's 9M 2025 organic revenue growth of 4.0% indicates a steady improvement in its business. Additionally, Eurofins has been engaged in share buybacks, with multiple weekly reports released between August and October 2025, indicating a reduction in outstanding shares. According to a recent analysis, investors are reassessing the company's value after its 31% rally in 2025. Eurofins' growing revenue and margin expansion are also being closely watched by investors.

1.c. Company Highlights

2. Eurofins Delivers Solid H1 2025 Performance

Eurofins reported a good development in the first half of 2025, with revenue growth of 5.7%, EBITDA growth of 8%, and an adjusted EBITDA margin of 22.4%. Net profit increased by 12%, and earnings per share rose by 18% to €1.71, in line with estimates. The company's solid organic growth of 3.9% and good contribution from M&As, with €49 million in H1, representing full-year revenues of €210 million, drove the positive performance.

Publication Date: Jul -24

📋 Highlights
  • Revenue Growth: Eurofins achieved a 5.7% revenue growth in the first half of 2025, supported by solid organic growth and M&A contributions.
  • Profitability Improvement: EBITDA grew by 8%, with an adjusted EBITDA margin of 22.4%, reflecting margin improvement initiatives.
  • Earnings Per Share (EPS): EPS increased by 18%, driven by net profit growth of 12% and strong financial performance.
  • M&A Contributions: Acquisitions added EUR 49 million in H1, representing full-year revenues of EUR 210 million, with a focus on disciplined valuations.
  • SYNLAB Acquisition Impact: SYNLAB acquisition caused a 60 bps margin dilution in H1, but significant margin improvement is expected over the next two years.

Segment Performance and Outlook

The company faces a significant FX headwind, particularly in H2, but expects to maintain margins. The FX impact on revenue is estimated to be 0.7% in H1 and potentially 1.7% for the full year, with no effect on EBITDA margin. In biopharma, the discovery and genomics segment declined 4% in H1, impacted by US academic budget cuts, particularly in genomics; however, discovery is not dynamic. The company expects a better base and comps for ancillary activities in the second half.

Acquisition and Integration Update

Eurofins acquired SYNLAB, a business with a loss-making position, but expects to improve its margin significantly over the next 2 years. The integration process is underway, with a 20 bps margin dilution in Q1; the full-year impact is expected to be around 60 bps. The company has also acquired buildings currently rented from Analytical Bioventures, a private holding owned by Dr. Martin's family, for EUR80 million, which will save EUR36 million in rent per year.

Valuation and Financials

At current prices, Eurofins trades at a P/E ratio of 43.78, a P/B ratio of 2.32, and an EV/EBITDA multiple of 10.52. The stock offers a dividend yield of 0.91% and a free cash flow yield of 6.78%. With a net debt to EBITDA ratio of 2.16, the company has a comfortable leverage position. According to a recent note by <i>Deutsche Bank</i>, "Eurofins' solid track record of execution and its diversified business model across life sciences and diagnostics make it an attractive investment opportunity" (Deutsche Bank, August 2025).

Growth Prospects and Medium-Term Targets

The company reiterated its medium-term target of 6.5% organic growth by 2027, implying a strong acceleration in '26 and '27. This is driven by businesses currently not in positive territory hitting bottom and growing, biopharma picking up, and benefits from reorganizations and IT deployments. Eurofins expects to complete its hub and spoke network by the end of 2027 and continues to invest in its laboratory infrastructure.

3. NewsRoom

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Eurofins Scientific SE: Disclosure of Total Number of Voting Rights and Number of Shares in the Capital at 30 November 2025

Dec -04

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Eurofins Scientific SE: Director/PDMR Shareholding

Dec -03

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Eurofins Medical Device Services Launches first GMP PFAS Screening and Testing Solutions for Medical Devices

Dec -02

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Eurofins: Weekly Report on Share Repurchases From 24th November to 28th November 2025

Dec -01

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Eurofins Scientific: Director/PDMR Shareholding

Nov -28

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Eurofins Scientific (ENXTPA:ERF): Exploring Valuation After a Period of Investor Re-Evaluation

Nov -28

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Eurofins Scientific SE: Director/PDMR Shareholding

Nov -25

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Eurofins: Weekly Report on Share Repurchases From 17th November to 21st November 2025

Nov -24

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.12%)

6. Segments

Sample-based

Expected Growth: 6%

Eurofins Scientific SE's 6% growth is driven by increasing demand for bioanalytical services, expansion in emerging markets, and strategic acquisitions. The company's leadership in genomic and precision medicine, as well as its commitment to innovation and R&D, also contribute to its growth momentum.

Study-based

Expected Growth: 5%

Eurofins Scientific SE's 5% growth is driven by increasing demand for bioanalytical services, expansion in emerging markets, and strategic acquisitions. The company's leadership in genomics and proteomics, as well as its investment in digitalization and automation, also contribute to its growth. Furthermore, the rising need for quality control and assurance in the food and pharmaceutical industries supports Eurofins' growth momentum.

Full Time Equivalent-based

Expected Growth: 8%

Eurofins Scientific SE's 8% growth in Full Time Equivalent (FTE) is driven by increasing demand for biopharmaceutical and genomics services, expansion into emerging markets, strategic acquisitions, and investments in digitalization and automation, leading to improved operational efficiency and enhanced customer experience.

Product-based

Expected Growth: 9%

Eurofins Scientific SE's 9% growth is driven by increasing demand for bioanalytical testing, expansion in emerging markets, and strategic acquisitions. The company's diversified product portfolio, including genomic services and food safety testing, also contributes to growth. Additionally, investments in digitalization and automation enhance operational efficiency, further supporting revenue expansion.

Other

Expected Growth: 4%

Eurofins Scientific SE's 4% growth is driven by increasing demand for biopharmaceutical and genomics services, expansion into emerging markets, and strategic acquisitions. Additionally, growing regulatory requirements and outsourcing trends in the pharmaceutical industry contribute to the company's growth.

7. Detailed Products

Pharmaceutical Products Testing

Eurofins Scientific SE provides testing services for pharmaceutical products, including raw materials, intermediates, and finished products, to ensure compliance with regulatory requirements and quality standards.

Food Safety Testing

Eurofins Scientific SE offers testing services for food and beverages, including microbiological, chemical, and physical testing, to ensure compliance with food safety regulations and standards.

Environmental Testing

Eurofins Scientific SE provides testing services for environmental samples, including air, water, and soil, to monitor and assess environmental pollution and contamination.

Genomics and Proteomics Services

Eurofins Scientific SE offers genomics and proteomics services, including DNA sequencing, gene expression analysis, and protein analysis, for research and development, and diagnostic applications.

Agroscience Services

Eurofins Scientific SE provides testing services for the agroscience industry, including crop protection, seed testing, and agricultural product testing, to ensure compliance with regulatory requirements and quality standards.

Cosmetics and Personal Care Testing

Eurofins Scientific SE offers testing services for cosmetics and personal care products, including safety and efficacy testing, to ensure compliance with regulatory requirements and quality standards.

8. Eurofins Scientific SE's Porter Forces

Forces Ranking

Threat Of Substitutes

Eurofins Scientific SE operates in a highly specialized industry, and the threat of substitutes is moderate. While there are some alternative testing and analytical services available, they are not easily substitutable, and Eurofins' strong reputation and expertise provide a competitive advantage.

Bargaining Power Of Customers

Eurofins Scientific SE has a diverse customer base, and no single customer accounts for a significant portion of its revenue. This reduces the bargaining power of customers, and Eurofins is able to maintain a strong negotiating position.

Bargaining Power Of Suppliers

Eurofins Scientific SE relies on a network of suppliers for equipment, reagents, and other inputs. While there are some alternative suppliers available, the company's scale and reputation provide some bargaining power, but suppliers still have some negotiating leverage.

Threat Of New Entrants

The laboratory testing and analytical services industry has high barriers to entry, including significant capital expenditures, regulatory hurdles, and the need for specialized expertise. This limits the threat of new entrants and provides a competitive advantage to established players like Eurofins Scientific SE.

Intensity Of Rivalry

The laboratory testing and analytical services industry is highly competitive, with several established players competing for market share. Eurofins Scientific SE faces intense competition from rivals, which can lead to pricing pressure and the need for continuous innovation and investment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 52.41%
Debt Cost 3.95%
Equity Weight 47.59%
Equity Cost 6.94%
WACC 5.37%
Leverage 110.13%

11. Quality Control: Eurofins Scientific SE passed 2 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

Stock-Card
Ipsen

A-Score: 5.5/10

Value: 5.0

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

Value: 2.5

Growth: 4.4

Quality: 7.2

Yield: 3.8

Momentum: 3.5

Volatility: 9.3

1-Year Total Return ->

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bioMérieux

A-Score: 5.1/10

Value: 2.0

Growth: 5.3

Quality: 6.6

Yield: 1.2

Momentum: 6.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
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

1-Year Total Return ->

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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

1-Year Total Return ->

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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

1-Year Total Return ->

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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

58.82$

Current Price

58.82$

Potential

-0.00%

Expected Cash-Flows