Groupe Labco S.A. Mar 12
Standard & Poors, March 2012
Abstract
One of the largest European clinical laboratory operators. High margins relative to peers. Highly leveraged financial risk profile. Very acquisitive business model. Only moderate commitment to the company's financial policy. Southern European austerity measures that limit business. The ratings on France-based clinical laboratory operator Groupe Labco S.A. (Labco) reflect Standard & Poor's Ratings Services' assessment of the company's highly leveraged financial risk profile, predominantly small acquisitions since the company's inception in 2003, as well as our view of Labco's "fair" business risk profile. We view Labco's overall acquisitive business model as a key business risk profile weakness, although we appreciate that Labco's multitude of small transactions poses less integration risk compared with a single large transaction. In addition, Labco's growth...
Companies mentioned in this report are:
- Labco S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Labco S.A.
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