Declared Dividend • May 25
Dividend increased to €0.93 Dividend of €0.93 is 4.5% higher than last year. Ex-date: 3rd June 2026 Payment date: 5th June 2026 Dividend yield will be 1.3%, which is lower than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Director Anne-Marie Graffin was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 30
Vetoquinol SA, Annual General Meeting, May 20, 2026 Vetoquinol SA, Annual General Meeting, May 20, 2026. Announcement • Mar 27
Vetoquinol SA Proposes Cash Dividend Based on these results, the Board of Directors of Vetoquinol SA will propose to the Annual General Meeting of Shareholders on May 20, 2026, the payment of a dividend of €0.93 per share. Announcement • Jan 17
Vetoquinol SA, Annual General Meeting, Mar 20, 2025 Vetoquinol SA, Annual General Meeting, Mar 20, 2025. Upcoming Dividend • May 28
Upcoming dividend of €0.85 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 06 June 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (2.3%). Declared Dividend • Apr 23
Dividend increased to €0.85 Dividend of €0.85 is 6.3% higher than last year. Ex-date: 4th June 2024 Payment date: 6th June 2024 Dividend yield will be 0.9%, which is lower than the industry average of 2.4%. Sustainability & Growth The dividend has increased by an average of 8.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Mar 24
Full year 2023 earnings released Full year 2023 results: Revenue: €529.3m (down 1.9% from FY 2022). Net income: €55.6m (up 16% from FY 2022). Profit margin: 11% (up from 8.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Pharmaceuticals industry in Germany. Announcement • Mar 23
Vetoquinol SA Proposes Dividend The Board of Directors of Vetoquinol SA announced it will propose a dividend of €0.85 per share at the Annual General Meeting on May 28, 2024. Upcoming Dividend • May 26
Upcoming dividend of €0.80 per share at 0.9% yield Eligible shareholders must have bought the stock before 02 June 2023. Payment date: 06 June 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.5%). Reported Earnings • Mar 25
Full year 2022 earnings released Full year 2022 results: Revenue: €539.8m (up 3.6% from FY 2021). Net income: €48.0m (down 24% from FY 2021). Profit margin: 8.9% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Pharmaceuticals industry in Germany. Buying Opportunity • Feb 01
Now 20% undervalued Over the last 90 days, the stock is up 5.0%. The fair value is estimated to be €108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 8.7% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorated over the past week After last week's 22% share price decline to €82.20, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Pharmaceuticals industry in Germany. Total loss to shareholders of 36% over the past year. Reported Earnings • Sep 18
First half 2022 earnings released: EPS: €1.81 (vs €3.06 in 1H 2021) First half 2022 results: EPS: €1.81 (down from €3.06 in 1H 2021). Revenue: €270.8m (up 6.0% from 1H 2021). Net income: €21.4m (down 41% from 1H 2021). Profit margin: 7.9% (down from 14% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Pharmaceuticals industry in Germany. Upcoming Dividend • May 27
Upcoming dividend of €0.80 per share Eligible shareholders must have bought the stock before 03 June 2022. Payment date: 07 June 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (2.6%). Buying Opportunity • Apr 20
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €164, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings is also forecast to grow by 4.1% per annum over the same time period. Announcement • Apr 06
Vetoquinol Launches Felpreva®, A New Three-Monthly Feline Spot-On Parasiticide Vetoquinol announced that Felpreva® is now available for veterinarians to prescribe in five European markets including France, Germany, United Kingdom, Austria and Italy. Felpreva® is an innovation in companion animal parasitology. It is the first three-monthly spot-on parasiticide for cats that covers tapeworms in addition to other endoparasites (lungworms, roundworms and hookworm) and ectoparasites (fleas, ticks and mites) in a single dose. It is licensed for treatment of cats with, or at risk from, mixed parasitic infestations/infections. Felpreva®’s broad-spectrum active ingredients cover: Endoparasites: Gastrointestinal roundworms: infection with Toxocara cati, Toxascaris leonina and Ancylostoma tubaeforme, Lungworms: infection with Aelurostrongylus abstrusus and Troglostrongylus brevior, Tapeworms: infection with Dipylidium caninum and Taenia taeniaeformis. Ectoparasites: Flea (Ctenocephalides felis), tick (Ixodes ricinus, Ixodes holocyclus) and mite (Otodectes cynotis) infestations, as well as mild to moderate cases of notoedric mange (caused by Notoedres cati). It can also form part of a treatment strategy for flea allergic dermatitis (FAD). A recent survey revealed that 44% of cat owners said that giving parasite protection to their cat was a negative experience.2 Therefore reducing the frequency of treatments, Felpreva®, will also reduce stressful interactions between cats and their owners, and will result in a more positive experience for all, with the ultimate goal to increase compliance and thus improve parasite protection for cats. Buying Opportunity • Feb 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €156, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% per annum over the last 3 years. Earnings per share has declined by 7.8% per annum over the last 3 years. Buying Opportunity • Feb 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €156, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% per annum over the last 3 years. Earnings per share has declined by 7.8% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €118, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 18x in the Pharmaceuticals industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €170 per share. Announcement • Nov 24
Felpreva®, Vetoquinol’s New Three-Monthly Feline Parasiticide, Receives Marketing Authorisation from the European Commission Vetoquinol announced that, following positive opinion from the Committee for Medicinal Products for Veterinary Use (CVMP), the European Commissiobn has granted marketing authorisation for Felpreva® (tigolaner/emodepside/praziquantel) for spot-on prevention and treatment of mixed parasitic infestations/infections in cats. Felpreva® is the first spot-on parasiticide for cats that covers tapeworms in addition to other endoparasites including gastrointestinal roundworms and lungworms, and ectoparasites (fleas, ticks and mites) for up to three months with a single dose. It is licensed for treatment of cats with, or at risk from, mixed parasitic infestations/infections, including: Endoparasites: Gastrointestinal roundworms: infection with Toxocara cati, Toxascaris leonina and Ancylostoma tubaeforme. Lungworms: infection with Aelurostrongylus abstrusus and Troglostrongylus brevior. Tapeworms: infection with Dipylidium caninum and Taenia taeniaeformis - Ectoparasites: Flea (Ctenocephalides felis), tick (Ixodes ricinus, Ixodes holocyclus) and mite (Otodectes cynotis) infestations, as well as mild to moderate cases of notoedric mange (caused by Notoedres cati). It can also form part of a treatment strategy for flea allergic dermatitis (FAD). Felpreva® is part of the endectocide class of veterinary parasiticides that covers both internal (endo) and external (ecto) parasites. It is a combination of active substances emodepside and praziquantel, with tigolaner, a novel active ingredient. It is estimated that parasiticides make up the largest segment in the companion animal veterinary pharmaceutical market worldwide. Moreover, the fast-growing endectocide category is estimated to make up approximately one quarter of the total companion animal parasiticide market. 50% of pet owners in Europe report currently treating their pets with an endectocide product.3 However, research suggests owners are treating cats less frequently than recommended by the European Scientific Counsel Companion Animal Parasites (ESCCAP), which recommends no less than four times per year for deworming in certain risk groups of cats. It is anticipated that Felpreva® will be made available to veterinarians across Europe in early 2022. Board Change • Sep 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 7 highly experienced directors. Independent Director Elisabeth Pacaud was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 03
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €255.3m (up 30% from 1H 2020). Net income: €36.2m (up 141% from 1H 2020). Profit margin: 14% (up from 7.7% in 1H 2020). 
