Eurofins Scientific (EUFI.PA): To acquire Element Material Technologies Life Sciences Testing for $400m

Research evidence excerpt

Eurofins Scientific (EUFI.PA): To acquire Element Material Technologies Life Sciences Testing for $400m

Equity Research

20 July 2026 | 7:10AM BST

Eurofins Scientific (EUFI.PA): To acquire Element Material Technologies

Life Sciences Testing for $400m

Eurofins announced today that it has reached an agreement to acquire the Life Suhasini Varanasi

+44(20)7774-3722 |

Sciences Testing Services division of Element Material Technologies, a global player in suhasini.varanasi@gs.com

Goldman Sachs International

bio-analytical testing, for an EV of $400m. The transaction is expected to close in

Harshita Bhatter, CFA

4Q’26. +1(332)245-7830 |

harshita.bhatter@gs.com

Goldman Sachs India SPL

Per the press release, the business is expected to generate revenues of $150m in

2026 (c.2% of Eurofins 2025 revenues at today’s EUR/USD spot rate), with

profitability similar to the Eurofins group average. It employs c.750 FTEs and

operates a network of 27 labs and facilities.

Applying Eurofins’ adj. EBITDA margin (22.5% for 2025) would imply an EV/EBITDA

multiple of c.12x for the transaction.

According to ERF, the deal would expand the company’s presence in certain key

regions in the US/Canada where it has historically been under-represented.

We see the deal as strategically attractive and consistent with Eurofins’ bolt-on

approach, strengthening its presence in its core end markets of pharma/ life sciences

testing.

Eurofins - Valuation & Key risks

Our 12-month price target of €86 is based on a fundamental valuation derived from

an EV/EBITDA multiple of 9.75x applied to 2027 estimates. To this, we add uses of

excess cash. We also include a 15% weighting to an M&A-based valuation to reflect

the possibility that Eurofins becomes a target (based on 14x EV/EBITDA applied to