Sartorius Stedim - Upgrade to HOLD (HOLD [SELL], TP EUR230 [120], 9pgs)
We upgrade Stedim to Hold after a strong Q4 order book and signs of improvement across the bioprocessing industry. Whilst the Stedim valuation seems very stretched to us, we feel comfortable sales can grow HSD this year with a 2% FX tailwind, improving order book & signs that many customers are now back to normal ordering patterns. Our proprietary biologic demand model shows that demand should grow 9% this year but is slowing over the coming years & our yield analysis shows that improving yields will be a drag on growth. However, given the current market stabilisation & improving trends, we don’t see material downside for now. U/G to HOLD.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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