Gerresheimer AG : Q1 due 7 April – Strong underlying performance bolstered by FX, inflationary tailwinds
>Expecting a strong start to FY 2021-22 - We estimate € 355m in sales for Q1, a c. 17% y-o-y increase reported (+11% y-o-y organic, +3% y-o-y from FX, +3% y-o-y inflationary tailwinds). Our adj. EBITDA forecast looks for a 12.2% y-o-y increase, from € 54.2m in Q1 2020-21 to € 60.8m in Q1 2021-22. While this would mean a margin decline of 80bp y-o-y (from 17.9% to 17.1%), we note that this is largely due to an estimated higher negative Central Offices result (-€ 6.0m v...Gerresheimer is a holding company. Through its subsidiaries, Co. manufactures glass and plastic products for the pharma and healthcare industry. Co.'s operates in three divisions: Plastics & Devices, which its product portfolio includes products for the administration of medicines, such as insulin pens, inhalers, and prefillable syringes; Primary Packaging Glass, which produces glass primary packaging for medicines and cosmetics, such as pharma jars, ampoules, injection vials, cartridges, perfume flacons, and cream jars; and Life Science Research, which produces laboratory glassware for research, development, and analytics, such as beakers, Erlenmeyer flasks, and measuring cylinders.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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