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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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  "notes": "The slide uses a comparative valuation approach (BioSanté vs. Club Med resort) to cast doubt on management's capital allocation.",
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      "kind": "callout",
      "text": "It appears that Eurofins is engaged in evermore petty and insignificant acquisitions.",
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      "text": "EV/EBITDA multiple: 21.3x",
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      "text": "A particularly significant, and therefore disclosed, acquisition in 2022 was BioSanté... BioSanté 2022 EBITDA was €3.8 million, and was likely still inflated by COVID, regardless at an EV/EBITDA multiple of 21.3x.",
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      "text": "BioSanté doesn't appear to have much room to grow on Martinique... In 2023, Club Med Martinique sold for ~€21 million and with another ~€41 million the total investment in Club Med Les Boucaniers is therefore only ~75% of the reported cost of BioSanté.",
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      "text": "Footnotes 56-62 detailing sources for acquisition data and Martinique economic context.",
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      "text": "Table showing number of acquisitions per Eurofins AR disclosure from 2014 to 2023.",
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      "text": "Potential Slip-Up: 2022 Acquisition of BioSanté in Martinique for Reported ~€81 Million",
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