DIM - Structural Problems Could Last Years (SELL, TP EUR120, 8pgs)
Following another profit warning and worsening visibility, we are now of the view there are structural problems at DIM and potentially even in the bioprocessing space. We have 2 theories regarding the structural issues: for one we have concrete evidence and for the 2nd theory we will be attending an industry trade conference in the coming weeks to assess whether there is credence to our thesis. Should both be true, we believe Bioprocessor suppliers will materially de-rate and DIM will suffer the most. We downgrade our 2025 EBITDA by 15% and are c.30% below consensus 2026 EBITDA. We view Stedim as a high conviction Sell with at least ~20% downside.For access to the full note, please contact Naresh Chouhan ( )
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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