Sartorius Stedim - Another Profit Warning = 2025 at Risk (SELL, TP EUR165 [170], 10 pgs)
Our analysis of SSB’s quarterly order intake coupled with recent peer commentary suggesting customer order patterns will not begin to normalise until Q4 at the earliest, means we cut our sales & margin forecasts for 2023 & 2024. We cut our 2023 & 2024 sales by 7% & 9% and EBITDA by 10% & 11%, respectively. Consensus is currently looking for 17% sales growth in 2024 on what is likely too high a 2023 base. We are also 14% & 25% below consensus on underlying EBITDA for 2023 & 2024, respectively. Moreover, on our lower forecasts, net debt/ EBITDA is almost 4.5x by YE23. Q323 results are on 19th Oct. We cut our TP to €165 and reiterate our SELL rating.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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