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  "documentTitle": "Eurofins Scientific SE (ERF)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2024-06-24 00:00:00",
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      "text": "It seems to us that if one were to overstate revenue in a global business, one wouldn't want the margins to seem glaringly out of line with peers. Therefore, we would expect that a smart person (or people) would find a way to inflate expenses as well.",
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      "text": "It seems to us that if one were to overstate revenue in a global business, one wouldn't want the margins to seem glaringly out of line with peers. Therefore, we would expect that a smart person (or people) would find a way to inflate expenses as well. Coincidentally or not, Eurofins' compensation per average employee has also been an outlier for many years:",
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      "text": "As a thought exercise, if we held steady Eurofins' reported number of employees, but applied the peer average revenue per average employee, Eurofins' revenue would be haircut respectively in 2021, 2022, and 2023 by 15.8%, 15.8%, and 15.4%:",
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