Healthy Reported 1Q Growth for Lonza, but Shares Continue to Look Overvalued
Following Lonza’s brief qualitative trading update we are increasing our fair value estimate to CHF 215 from CHF 210 to incorporate the time value of money since our last update. Management reiterated its full-year guidance of mid-single-digit organic sales growth and a 100-basis-point margin improvement. Our model forecasts remain at the top range of Lonza’s guided expectations. We’re encouraged to hear the integration of Capsugel is progressing on track, as well as contributing to many of Lonz...Lonza supplies services and products that range from active pharmaceutical ingredients and stem-cell therapies to drinking water sanitizers, from vitamin B compounds and organic personal care ingredients to agricultural products, and from industrial preservatives to microbial control solutions. Co. operates in two segments: Lonza Pharma & Biotech, which clusters all of Co.'s offerings for pharmaceutical markets, focuses on providing custom development, custom manufacturing, cell therapy, viral therapeutics and bioscience solutions; and Lonza Specialty Ingredients, which includes offerings in its consumer care, agro ingredients, industrial solutions, wood protection and water treatment.
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