A cheap French small-cap with 22% upside potential

An out-of-favor Co. with net cash, 23% ROIC, trading @ ~15x earnings and with 18% FCF Yield.

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Animal health is one of the fastest-growing niches in global pharma, fueled by rising pet ownership, aging companion animals, and increasing demand for veterinary care. While industry leaders command premium valuations, there are overlooked players trading at steep discounts — and that’s where real opportunities can be found.

And that’s why I’m sharing my latest investment thesis on a European small-cap animal health company that’s quietly reshaping its business model. Inside the full post, I cover:

• Why this company is cheap — and why the market is wrong

• How its recent strategic pivot toward higher-margin segments is changing its long-term outlook

• What my valuation model reveals about upside potential — and the key risks investors should weigh.

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