Boiron: Pharmaceutical Laboratory Focused on Homeopathic Medicine

François Badelon and David Poulet presented their in-depth investment thesis on Boiron (Paris: BOI) at European Investing Summit 2013.

Consumer brand focused on homeopathic medicine. Two types of products: non-proprietary homeopathic medicine prescribed by doctors (52% of sales) and OTC consumer brands (48%). ~50% of sales in 60 countries outside of France. Compounder with high incremental returns, long runway in global markets, little regulatory risk and no patent risk. While 2013 operating profit of €126 million is much higher than in prior years, there are specific factors explaining this and the 2013 level represents a sustainable base. This implies an EV/EBIT of 7x. 62% owned by the Boiron family. Management communication has recently turned from “socialist” to “capitalist.”

Please note the following correction to the table on slide 18:

For Plastic Omnium, the 2013 PE should be approximately 14x instead of 20x (1H13 net result was 96 million). The 2014 PE should be reduced accordingly.

About the instructors:

François Badelon is chairman, managing director, and head of equity management at Amiral Gestion. François has over 25 years of investment experience. He started his financial career in 1986 with Meeschaert-Rouselle, a Paris brokerage firm, and moved on to Exane, where he worked from 1990 to 2001. In 2003 he founded Amiral, an independent asset management firm based in Paris, where he manages the Sextant funds. Amiral’s single goal is sustained performance with minimum risk based on the firm’s value investing approach.

With a background in law, at the age of 18, David Poulet invested his first paycheck in managed funds. He then became passionate about asset management, investment and commerce and eventually joined Amiral as an intern in 2004. Founded by François Badelon, Amiral is an independent asset management firm based in Paris. Amiral’s single goal is sustained performance with minimum risk based on the firm’s value investing approach.

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