Sartorius Stedim - 20% Below 2024 Cons. EBITDA (SELL, TP EUR170, 9 pgs)
Our analysis of the order book leads us to believe that revenue guidance is almost impossible to hit without 20% revenue growth in Q423. Much more worryingly, mgmt admitted to adding 50% to capacity in terms of revenues which will start to come on stream in Q4, this year. When there is already excess capacity & SSB’s Q2 gross margin was the weakest in >5yrs driven by lower utilisation, the recent rally is a clear selling opportunity in our view. Today’s Danaher revenue guidance downgrade also does not bode well for H2. SELL.For access to the full note, please contact Naresh Chouhan ( )
Danaher designs, manufactures and markets medical, industrial and commercial products and services. The company's segments include: Life Sciences, which provides research tools to study genes, proteins, metabolites and cells, in order to understand the causes of disease, identify therapies and test drugs and vaccines; Diagnostics, which provides analytical instruments, reagents, consumables, software and services that hospitals, physicians' offices, reference laboratories and other critical care settings use to diagnose disease and make treatment decisions; and Environmental and Applied Solutions, which provides products and services to protect resources and global food and water supplies.
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.
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