Gerresheimer AG : Q3 due 12 Oct – strong top-line, but input costs burdening margins
>Strong top line, weak margins - Our Q3 forecast looks for sales of € 383.5m (+9.8% y-o-y; +10.8% ex FX; +10.4% core) and an adj. EBITDA of € 76.3m. Higher raw material prices (plastic for Plastics & Devices) will have boosted group sales growth by 3% y-o-y (price escalation clauses; timely pass-on to customers). Hence, underlying sales growth should still have been c. 7.8% y-o-y ex FX in Q3, above the target for FY 2021. However, the company is only able to pass on h...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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