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  "documentTitle": "Eurofins Scientific SE (ERF)",
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  "authorName": "Muddy Waters Research",
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      "text": "In other words, this is revenue that we believe is subject to overstatement by improperly eliminating Inter-Company receivables and payables.",
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      "text": "We estimate that ~60% of Eurofins' subsidiaries generated 2022 revenue of less than €5 million (\"Immaterial Entities\").\nThe average revenue per Immaterial Entity we reviewed is €1.87 million.\nAssuming Eurofins has 1,300 to 1,500 entities, that generates an estimated range of 780 to 900 Immaterial Entities.\nWe therefore estimate that in 2022, Eurofins had €1.5 billion to € 1.7 billion of revenue from Immaterial Entities.\nIn other words, this is revenue that we believe is subject to overstatement by improperly eliminating Inter-Company receivables and payables.",
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      "text": "revenue: €1.5 billion",
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      "text": "Extrapolating from our review of 212 European entities, from five European countries [France, Belgium, UK, Spain and Denmark], of which 130 had 2022 revenue less than €5 million.",
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      "text": "Appendix B: Assumptions Underlying our Estimate of the Number of Immaterial Entities",
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