Sartorius Stedim - Expectations Still Too High (SELL, TP EUR165, 10 pgs)
With FY results due on Friday, we continue to believe the DIM expectations need to fall materially. We also question what credence can be placed on any long-term guidance given the high levels of uncertainty in the marketplace and the significant additional capacity that DIM is adding in the coming years, which will impact margins. Moreover, we continue to believe that a rights issue is not off the table. SELL.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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