STRATEC SE : Conservative guidance, but lower upside – M&A more downside protection
>Weak finish of 2021 - While Stratec’s FY 2021 revenues of € 287.3m (+14.9% y-o-y, +16.7% organically) were ahead of the guidance (more than 16% organic growth), the finish of the year with an underlying Q4 decline of 15.7% was weak, in our view. However, the company disclosed that the recognition of sales has been deferred in some cases to 2022. Hence, backorders were higher than expected. We expect a correspondingly positive effect in Q1 2022. Outlook ...STRATEC Biomedical designs and manufactures automation solutions and technologies for use mainly in in-vitro diagnostics (IVD) and in other regulated markets. IVD refers to those diagnostics activities performed outside the body in a glass or in test receptacles in a laboratory. Co. operates through two segments: Instrumentation and All Other. In the Instrumentation segment, Co. designs and manufactures fully automated analyzer systems for its clinical diagnostics and biotechnology customers. In its all other segment, Co. develops workflow software for networking several analyzer systems and develops and sells scientific materials and technologies such as nucleic acid purification.
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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