Sartorius Stedim - Still More Downside – PT Cut to €180 (SELL, TP EUR180 [200], 10 pgs)
We cut our 2023 sales by 7% & are below company guidance as we see very limited evidence that SSB can achieve the ~20% H2 sales growth implied by current guidance. Moreover, we have not yet adjusted our margin estimates downwards, but that could drive further cuts to our numbers. Inventories rising again in Q123 could imply SSB do not have a handle on underlying demand. Underlying sales have not grown in 5 quarters, highlighting the risk of more than just an inventory unwind. Chinese weakness is a new risk as is the potential for new US or EMEA customers going back to their primary supplier & cutting their SSB orders. PT Cut to €180. 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.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
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- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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