Biogroup

Overview Key strengths Key risks Established position in the French laboratory testing market, which enjoys resilient underlying demand. Exposure to pricing pressure within a regulatory framework that still lacks predictability and anticipates price cuts for 2023, despite the inflationary environment, which will also weigh on operating margins. Good geographical footprint across France following an ambitious and successful external growth strategy, which has provided Biogroup with a 20% leading market share. Structural return to a highly leveraged financial profile once PCR testing demand fades away. Record generation of cash flows in the past two years, making the most of polymerase chain reaction (PCR) testing opportunities. Concentration on earnings in the French market, where we anticipate positive but limited volume growth. Above-average

...Established position in the French laboratory testing market, which enjoys resilient underlying demand. Exposure to pricing pressure within a regulatory framework that still lacks predictability and anticipates price cuts for 2023, despite the inflationary environment, which will also weigh on operating margins. Good geographical footprint across France following an ambitious and successful external growth strategy, which has provided Biogroup with a 20% leading market share. Structural return to a highly leveraged financial profile once PCR testing demand fades away. Record generation of cash flows in the past two years, making the most of polymerase chain reaction (PCR) testing opportunities. Concentration on earnings in the French market, where we anticipate positive but limited volume growth....

Full Report