Sartorius Stedim Biotech

Sartorius Stedim Biotech is a provider of equipment and services for the development, quality assurance and production processes of the biopharmaceutical industry. Co.'s solutions cover fermentation, filtration, purification, fluid management and lab technologies and membrane chromatography, including various conventional lab products to biopharmaceutical laboratories. Co.'s technologies, products and services are used to develop and manufacture medications and vaccines using biological methods. Co.'s products covers all upstream and downstream steps in the production of active pharmaceutical ingredients. It specializes in single-use products and offers technical consulting and services.
  • TickerDIM
  • ISINFR0013154002
  • ExchangeEuronext Paris
  • SectorHealth Care Equipment & Services
  • CountryFrance
Alfred Glaser ...
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/21/2020

We are providing an update on our conviction that Nexi is set to acquire its fellow Italian group SIA in the next few months. Looking beyond the appeal in financial terms (synergies of € 100m) and strategically (insourcing of processing and international expansion) for Nexi, we think that the Italian government (which owns 83% of SIA) is unlikely to pass up the opportunity to create a national champion in electronic payment, as in France with Worldline/Ingenico. Based on our simulatio...

Alfred Glaser ...
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/07/2020

Nous revenons sur notre conviction que Nexi va racheter son compatriote SIA dans les mois qui viennent. Au-delà de l’intérêt financier (synergies de 100 M€) et stratégique (internalisation du processing et ouverture à l’international) pour Nexi, le gouvernement italien (qui détient 83% de SIA) ne devrait pas manquer la possibilité de créer un champion national du paiement, comme en France avec Worldline/Ingenico. Notre simulation (prix payé, type de financement) fait ressortir un bull...

Christophe-Raphaël Ganet

Sartorius Stedim Biotech : Solid H1 2020 in line with the trading update

>Q2 in line with the recent trading update - Q2 sales came in at € 447m, i.e. +21.7%, and EBITDA came to € 135.6m. At the end of June, sales were € 869m (+22%) and EBITDA was € 262m, i.e. 30.2% of sales (R&D limited in June).With the most recent acquisitions, net debt increased, reaching € 243.2m (vs € 110m at end1e2019), i.e. leverage of 0.5 vs 0.3 at end-2019. Capex fell to 5.8% of sales (a one-off effect of the lockdown) but the target remains 8% for 2020 ...

Christophe-Raphaël Ganet

Sartorius Stedim Biotech : S1 2020 solide et en ligne avec le trading update

>T2 en phase avec le récent trading update - Le CA T2 se monte à 447 M€, soit +21.7% et l’EBITDA atteint 135.6 M€. A fin juin, le CA se situe à 869 M€ (+22%) et l’EBITDA à 262 M€, soit 30.2% du CA (R&D contenue sur T2).Avec les dernières acquisitions, l’endettement net a progressé : 243.2 M€ (vs 110 M€ à fin 2019), soit un levier de 0.5x contre 0.3x en fin d’exercice 2019.Les Capex sont ponctuellement tombés à 5.8% du CA (effet du confinement) mais l’objecti...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/16/2020

Based on the new air traffic scenario of the ODDO BHF aerospace team (-60% in 2020 and +40% in 2021), we have lowered our EBITDA estimates by close to 30% for ADP and Fraport, which puts us 30% below the consensus for 2021. We are maintaining our Reduce ratings on both stocks, as cash generation is set to remain negative and the valuation is not attractive enough. Cf. sector report published last evening. - ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Sector Synopsis

Int'l Equity Strategy Global equities were on a tear in early January, continuing the trend that began in 4Q2019. As global equities started to get extended, the coronavirus outbreak hit in mid-January, leading to some market setbacks and deterioration in market indicators as global growth expectations were dialed-in. Despite this deterioration, what was important to us was that there were not any breakdowns. Even the areas of the market most-directly affected by the outbreak -- China (MSCI China) and EM (MSCI EM) -- were not breaking down. To us, this was a reassuring sign of underlying stre...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Pullback Opportunity Supporting our global bull market thesis, uptrends remain intact for the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM). At this point, concerns surrounding the Wuhan coronavirus have led to some market setbacks and deterioration in market indicators, however they have not resulted in breakdowns. This is true even for areas of the market most-directly affected, including China (MSCI China) and emerging markets (MSCI EM). For these reasons and, as long as there is no significant additional damage, we view recent weakness as a buying opportunity - especially ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Sector Synopsis

Int'l Equity Strategy In using technical analysis, we let the market be our guide. That is, we analyze what is true in the market, utilizing the vast array of tools in our technical analysis toolbox which we then formulate into our outlook using a weight of the evidence approach. In a world where there are no shortages of things to worry about (trade wars, central banks, Trump impeachment, negative interest rates, low global growth, Brexit, Manufacturing weakness, elections, Hong Kong protests, the list goes on...), our tools help us cut through the noise and conjecture. After all, what if th...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Equity Strategy

Int'l Equity Strategy Global equities staged an impressive rally over the first four months of 2019. The nearly unabated advance allowed the broad major indexes (MSCI ACWI, ACWI ex-US, and EAFE) to break topside critical 14-month downtrends which began in January 2018. Heading into May, YTD uptrends were ubiquitous and market participants were generally of the belief that a US-China trade deal was a foregone conclusion. Then came Trump's May 5th tweets claiming China was attempting to renegotiate, and that tariffs would increase from 10% to 25%. The tariff escalation contributed to uptrend br...

Jérôme VINERIER

Short term view - SARTORIUS STEDIM BIOTECH : The background trend is clearly bullish.

The background trend is clearly bullish. The recent fall is a consolidation that may be interrupted as it approaches de €97.70. The next target is at €120.50. The trend would be invalidated below the support at €80.80.

Christophe-Raphaël Ganet

Sartorius Stedim Biotech : Solid H1 2020 in line with the trading update

>Q2 in line with the recent trading update - Q2 sales came in at € 447m, i.e. +21.7%, and EBITDA came to € 135.6m. At the end of June, sales were € 869m (+22%) and EBITDA was € 262m, i.e. 30.2% of sales (R&D limited in June).With the most recent acquisitions, net debt increased, reaching € 243.2m (vs € 110m at end1e2019), i.e. leverage of 0.5 vs 0.3 at end-2019. Capex fell to 5.8% of sales (a one-off effect of the lockdown) but the target remains 8% for 2020 ...

Christophe-Raphaël Ganet

Sartorius Stedim Biotech : S1 2020 solide et en ligne avec le trading update

>T2 en phase avec le récent trading update - Le CA T2 se monte à 447 M€, soit +21.7% et l’EBITDA atteint 135.6 M€. A fin juin, le CA se situe à 869 M€ (+22%) et l’EBITDA à 262 M€, soit 30.2% du CA (R&D contenue sur T2).Avec les dernières acquisitions, l’endettement net a progressé : 243.2 M€ (vs 110 M€ à fin 2019), soit un levier de 0.5x contre 0.3x en fin d’exercice 2019.Les Capex sont ponctuellement tombés à 5.8% du CA (effet du confinement) mais l’objecti...

Christophe-Raphaël Ganet

Sartorius Stedim Biotech : Relèvement des guidances 2020 – Projections et OC relevés – Neutre vs Achat

>Upgrade des guidances 2020 - Devançant ses annonces du 21 juillet (S1 2020), Sartorius Stedim Biotech a indiqué hier soir qu’il visait désormais pour 2020 une croissance des ventes de 26 à 30% (contre 17 à 21% auparavant) et une marge d’EBITDA courant d'environ 31% (contre 30% auparavant).En effet, sur la base du S1 2020 (Prises de commandes : +34.1% - CA à tcc.: +22% - marge d’EBITDA courant : 30.2%), SSB revoit en hausse ses prévisions, malgré le contexte COVI...

Christophe-Raphaël Ganet

Sartorius Stedim Biotech : 2020 guidance raised, forecasts and target price lifted, Neutral vs Buy

>2020 guidance upgraded - Ahead of its announcements on 21 July (H1 2020), Sartorius Stedim Biotech indicated yesterday evening it was now targeting sales growth of 26 to 30% for 2020 (previously 17 to 21%) and an underlying EBITDA margin of around 31% (previously 30%).Indeed, based on H1 2020 (order intake: +34.1% - sales cc: +22% - underlying EBITDA margin: 30.2%), SSB raised its forecasts, despite the COVID-19 crisis.The upward revision to forecasts is pa...

Christophe-Raphaël Ganet

ODDO : Update

>Resilience confirmed: Q1 sales: +6% - To date, the sector has reported around 6% growth in Q1 revenues (Q2 will be more impacted: -10%e in our models). At the same time, we have lowered, on average, our projections by around 3% on 2020e revenues and by 9% on 2020e OIR.Finally, in the crisis, half of the issuers have, at this stage, cancelled the payment of their dividend.Performances: +14% (over the last 2 months) - At the same time, the sector'...

Alfred Glaser ...
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/21/2020

We are providing an update on our conviction that Nexi is set to acquire its fellow Italian group SIA in the next few months. Looking beyond the appeal in financial terms (synergies of € 100m) and strategically (insourcing of processing and international expansion) for Nexi, we think that the Italian government (which owns 83% of SIA) is unlikely to pass up the opportunity to create a national champion in electronic payment, as in France with Worldline/Ingenico. Based on our simulatio...

Alfred Glaser ...
  • Delphine Brault

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/07/2020

Nous revenons sur notre conviction que Nexi va racheter son compatriote SIA dans les mois qui viennent. Au-delà de l’intérêt financier (synergies de 100 M€) et stratégique (internalisation du processing et ouverture à l’international) pour Nexi, le gouvernement italien (qui détient 83% de SIA) ne devrait pas manquer la possibilité de créer un champion national du paiement, comme en France avec Worldline/Ingenico. Notre simulation (prix payé, type de financement) fait ressortir un bull...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/16/2020

Based on the new air traffic scenario of the ODDO BHF aerospace team (-60% in 2020 and +40% in 2021), we have lowered our EBITDA estimates by close to 30% for ADP and Fraport, which puts us 30% below the consensus for 2021. We are maintaining our Reduce ratings on both stocks, as cash generation is set to remain negative and the valuation is not attractive enough. Cf. sector report published last evening. - ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/07/2020

Le nouveau scénario de trafic aérien de l’équipe Aerospace d’ODDO BHF (-60% en 2020 et +40% en 2021) nous conduit à abaisser nos estimations d’EBITDA de près de 30% pour ADP et Fraport qui se situent désormais 30% en dessous du consensus en 2021. Nous conservons nos opinions Alléger sur les deux titres dont la génération de cash va rester négative alors que la valorisation est insuffisamment attractive. - Cf. étude publiée hier soir. - ...

SARTORIUS STEDIM BIOTECH sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of SARTORIUS STEDIM BIOTECH (FR), active in the Medical Supplies industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date June 5, 2020, the closing price was EUR 213.40 and its target price was estimated at EUR 177.76.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Sartorius Stedim Biotech – AGM 24 June 2020

Changes published in the press release of 13/5/20 : - modification of the dividend from €0.64 to €0.35   ITEMS 6 AND 7: ECGS recommends to oppose the remuneration report and the "ex-post" remuneration of Joachim Kreuzburg which we deem excessive and which lacks transparency. ITEM 8: the same issues of transparency lead ECGS to also oppose the "ex-ante" remuneration policy. ITEM 4: Like last year, the Company did not make public many details on the Related-party Agreements report. This includes information on the ties between the Company and Sartorius AG (its largest shareholder) and this ...

Expert Corporate Governance Service (ECGS)

Sartorius Stedim Biotech, March 26 2019

Item 9: This year, the re-election of Joachim Kreuzburg, CEO, as director is up for vote. ECGS recommends opposing this item due to the lack of counter-power and the absence of information regarding performance and environmental issues. Item 4: Much like last year, the Company did not make public many details on the Related- party Agreements report. This includes information on the tie between the Company and Sartorius AG (their main shareholder) and the lack of transparency is a serious breach against other shareholders rights.

Florian Béchaz

Sartorius Stedim Biotech, 26 Mars 2019

Proxinvest attire l'attention des actionnaires sur différents points lors de cette assemblée générale. Tout d'abord le renouvellement de Joachim Kreuzburg. Ce dernier est le Président Directeur Général de la société. Proxinvest a donc analysé la présence de contre-pouvoirs, la performance économique et la performance environnementale. Bien que la performance boursière soit à saluer, les autres éléments ne permettent pas une recommandation positive. Ensuite, comme l'année précédente, le fait que seulement une partie des transactions liant la société et Sartorius AG, son premier actionnaire, s...

Sartorius Stedim Biotech - Assemblée générale des actionnaires du 26 mars 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Sartorius Stedim Biotech - Assemblée générale des actionnaires du 26 mars 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Dominic Rose ...
  • Naresh Chouhan

Global CDMOs - Impact of Alzheimer's Windfall

Our unique coverage of the biggest CDMO’s allows us to quantify the financial impact on the industry of a potential Alzheimer’s windfall from Biogen’s aducanumab. As the FDA filing draws closer, Biogen are likely to be involved in intense negotiations to find alternative sources of supply. Our highly detailed analysis shows how much aducanumab will need to be produced, who the winners are likely to be, the revenue uplift they may enjoy and the NPV uplift to each player. Lonza & Samsung Biologics are likely the biggest winners with Catalent close behind.

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