Report
SARTORIUS AG : Initial 2022 guidance looks surprisingly strong
>49% y-o-y ex FX sales growth in FY 2021 - FY 2021 finished very solidly in our view with sales growth ex FX up 49% y-o-y ex FX (guidance +45% y-o-y). The adj. EBITDA margin reached 34.1% vs guidance of c. 34%, in line therefore. Looking at Q4, sales grew at 41% y-o-y with the adj. EBITDA margin having reached 33.7%. This is 4% and 7% above our forecast, respectively. Adj. EPS came in at € 2.14 vs our estimate of € 1.97. Both divisions have contributed to this develo...
Underlying
Sartorius AG Pref
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Oddo BHF
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.
Martial Descoutures
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