reports
- Dominic Rose
- Naresh Chouhan
Sartorius Stedim - More Downside to Come (SELL, TP EUR150 [165], 9 pgs...
The capitulation may be upon us. The order book continues to show weakness & contrary to the befuddling Q423 sales strength, equipment sales look likely to stay weak as CDMO’s reduce CAPEX after 3yrs of turbo charged growth. We now question the trend growth rate as we believe that market share gains will be minimal, CDMO CAPEX will recover very slowly & M&A is unlikely to contribute as much as it did in the past. Moreover, we expect DIM to add significant capacity in the coming 24mths, which is ...
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Oliver Metzger
Sartorius Stedim Biotech : Q1 review -Some stabilisation, but sales an...
>Q1 with some stabilisation – sales and order intake weaker than expected - Q1 2024 revenues of € 667m (-8.1% y-o-y,-2%/-4% vs ODDO BHF/consensus) were impacted by an organic decline of 9.4%. The decline in constant currencies was at -6.7%. Sartorius Stedim Biotech was impacted by mixed dynamics across its portfolio and regions. Demand continued to normalise the consumables business with positive order momentum, which indicates further progress in destocking. Simultan...
Sartorius Stedim Biotech publishes unaudited first quarter results for...
Sartorius Stedim Biotech SA / Key word(s): Quarter Results Sartorius Stedim Biotech publishes unaudited first quarter results for 2024 18-Apr-2024 / 07:02 CET/CEST Aubagne, France | April 18, 2024 Sartorius Stedim Biotech publishes unaudited first quarter results for 2024 Sales revenue of 667 million euros, in constant currencies1 - 9.4 percent organically1and - 6.7 percent including acquisitions2(reported: - 8.2 percent) Order intake up 13.9 percent to 676 million euros (reported: 12.5 percent) with significant growth in recurring business, while demand from China remains we...
Sartorius Stedim Biotech publie ses résultats non audités pour le prem...
Sartorius Stedim Biotech SA / Mot-clé(s) : Résultat trimestriel Sartorius Stedim Biotech publie ses résultats non audités pour le premier trimestre 2024 18-Avr-2024 / 07:02 CET/CEST Aubagne, France | 18 avril 2024 Sartorius Stedim Biotech publie ses résultats non audités pour le premier trimestre 2024 Chiffre d’affaires à 667 millions d’euros, soit une baisse organique de 9,4 % à taux de change constant1 et une baisse de 6,7 % à taux de change constant en tenant compte des acquisitions2(baisse déclarée : - 8,2 %) Augmentation des prises de commandes de 13,9 % à 676 millions d...
Resolutions of the Annual Shareholders’ Meeting of Sartorius Stedim B...
Sartorius Stedim Biotech SA / Key word(s): AGM/EGM Resolutions of the Annual Shareholders’ Meeting of Sartorius Stedim Biotech S.A. 26-March-2024 / 16:18 CET/CEST Aubagne, France, March 26, 2024 Resolutions of the Annual Shareholders’ Meeting of Sartorius Stedim Biotech S.A.At today’s combined Annual Shareholders’ Meeting of Sartorius Stedim Biotech S.A., shareholders have granted discharge to all directors by a large majority and approved the renewal of the appointments as Directors of Susan Dexter and Anne-Marie Graffin for a three-year term of office.From March 26, 2024, onward...
Résolutions de l’Assemblée générale annuelle mixte de Sartorius Stedim...
Sartorius Stedim Biotech SA / Mot-clé(s) : Assemblée générale Résolutions de l’Assemblée générale annuelle mixte de Sartorius Stedim Biotech S.A. 26-Mars-2024 / 16:18 CET/CEST Aubagne, le 26 mars 2024Résolutions de l’Assemblée générale annuelle mixte de Sartorius Stedim Biotech S.A.Lors de l’Assemblée générale annuelle mixte des actionnaires de Sartorius Stedim Biotech S.A. les actionnaires a donné aujourd'hui quitus à tous les directeurs, décision prise à une large majorité, et a approuvé la nomination renouvelée de Mme. Susan Dexter et Mme. Anne-Marie Graffin pour un mandat de tr...
Sartorius Stedim Biotech releases Universal Registration Document 2023
Sartorius Stedim Biotech SA / Key word(s): Annual Results Sartorius Stedim Biotech releases Universal Registration Document 2023 16-Feb-2024 / 10:00 CET/CEST Aubagne, February 16, 2024Sartorius Stedim Biotech releases Universal Registration Document 2023 Sartorius Stedim Biotech, a leading partner of the biopharma industry, has released its Universal Registration Document 2023 including the Annual Financial Report today. The document is available under the following link: . Financial calendar March 26, 2024 Annual General Meeting April 18, 2024 Publication of the quar...
Sartorius Stedim Biotech publie son Document d’Enregistrement Universe...
Sartorius Stedim Biotech SA / Mot-clé(s) : Résultat annuel Sartorius Stedim Biotech publie son Document d’Enregistrement Universel 2023 16-Fév-2024 / 10:00 CET/CEST Aubagne, le 16 février 2024Sartorius Stedim Biotech publie son Document d’Enregistrement Universel 2023 Sartorius Stedim Biotech, partenaire de premier plan de l’industrie biopharmaceutique, a publié aujourd’hui son Document d‘Enregistrement Universel 2023 incluant le rapport financier annuel. Le document est disponible à l’adresse suivante : . Agenda financier 26 mars 2024 Assemblée générale annuelle 18 avril...
- Thomas J. Schiessle
Frisches Kapital zur Schuldenreduktion – „Sartorius 2028“ braucht Zukä...
Das verbesserte Investorenvertrauen und die gestiegene Peerbewertung wurde umgehend zur – angekündigten - Kapitalerhöhung und Schuldenreduktion genutzt. Sartorius Stedim Bio S.A. (SSB) platzierte 02/24 eine € 1,2 Mrd. schwere Kapitalerhöhung (zum Preis von € 233/SSB-Aktien) bei großen Investoren, ein Drittel der 5,15 Mio. neuen Aktien zeichnete Sartorius (SAG) für ca. 396 Mio., womit ihr Anteil an SSB von 73,6 % auf 71,5 % sinkt. Zeitgleich verkaufte SAG 0,6135 Mio. SAG-Vorzugsaktien (90 Tage l...
- Thomas J. Schiessle
Fresh capital for debt reduction - "Sartorius 2028" needs acquisitions...
The improved investor confidence and the increased peer valuation were immediately used for the - announced - capital increase and debt reduction. Sartorius Stedim Bio S.A. (SSB) placed a € 1.2 bn capital increase (at a price of € 233/SSB share) with large investors in 02/24; Sartorius (SAG) subscribed to one third of the 5.15 m new shares for approx. 396m, reducing its stake in SSB from 73.6 % to 71.5 %. At the same time, SAG sold 0.6135 million SAG preference shares (90-day lockup) from its o...
Le Conseil d’administration de Sartorius Stedim Biotech décide de prop...
Sartorius Stedim Biotech SA / Mot-clé(s) : Dividende/Assemblée générale Le Conseil d’administration de Sartorius Stedim Biotech décide de proposer un dividende de 0,69 euro par action à l’Assemblée générale annuelle des actionnaires 07-Fév-2024 / 17:30 CET/CEST Aubagne, le 7 février 2024 Le Conseil d’administration de Sartorius Stedim Biotech décide de proposer un dividende de 0,69 euro par action à l’Assemblée générale annuelle des actionnairesLors de sa réunion d’aujourd’hui, le Conseil d’administration de Sartorius Stedim Biotech S.A. a décidé de proposer à l’Assemblée générale ...
Board of Directors of Sartorius Stedim Biotech resolves to propose a d...
Sartorius Stedim Biotech SA / Key word(s): Dividend/AGM/EGM Board of Directors of Sartorius Stedim Biotech resolves to propose a dividend of 0.69 euros per share to the Annual Shareholders’ Meeting 07-Feb-2024 / 17:30 CET/CEST Aubagne, February 7, 2024 Board of Directors of Sartorius Stedim Biotech resolves to propose a dividend of 0.69 euros per share to the Annual Shareholders’ MeetingThe Board of Directors of Sartorius Stedim Biotech S.A. resolved at today’s meeting to submit a proposal to the combined Annual Shareholders' Meeting to be held on March 26, 2024, to pay a dividend ...
- Dominic Rose
- Naresh Chouhan
CDMO - Long Lonza, Short Stedim (LONN: BUY, TP CHF500 [465]; DIM: SELL...
With multiple datapoints, management commentary and peer reporting, we now have a better picture of the H124 outlook and more importantly of how the shares may trade. Whilst company commentary is cautiously optimistic on an H2 revenue recovery, the bottoming of order books and modest growth in sequential sales has led to the market becoming increasingly positive on the Life Science Tools space and CDMO’s. While we believe the risks are still significant, we believe the margin risk is now more ma...
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS Date1
Although Argentina was only an anecdotal factor in Puma's profit warning, it has rekindled investors' questions about the impact of the peso's (official) depreciation following the election of Javier Milei last November. Here we recap on the risks faced by the twenty or so companies and sectors with a presence in Argentina within our universe of coverage. While the potential impact is marginal in most cases, it is more significant for: Prosegur, Prosegur Cash, Tenaris, Verallia, Save...
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
RCO REMY COINTREAU SA
SRT3 SARTORIUS AG PREF
DTE DEUTSCHE TELEKOM AG
ELI ELIA GROUP SA/NV
DIM SARTORIUS STEDIM BIOTECH SA
STM STMICROELECTRONICS NV
WDP WAREHOUSES DE PAUW SCA
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
SGSN SGS SA
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/01/2024
Même si l’Argentine n’est qu’un élément accessoire du profit warning de Puma, il a ravivé les interrogations des investisseurs sur l’impact de la dépréciation du peso (officiel) à la suite de l’élection de Javier Milei en novembre dernier. Nous revenons ici sur les risques encourus par la vingtaine de sociétés et secteurs ayant une présence en Argentine au sein de notre univers de couverture. Si l’impact potentiel est le plus souvent marginal, il est plus matériel chez : Prosegur, Pro...
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
VOLV B VOLVO AB CLASS B
RCO REMY COINTREAU SA
SRT3 SARTORIUS AG PREF
DTE DEUTSCHE TELEKOM AG
ELI ELIA GROUP SA/NV
DIM SARTORIUS STEDIM BIOTECH SA
STM STMICROELECTRONICS NV
WDP WAREHOUSES DE PAUW SCA
SHEL SHELL PLC
ATCO A ATLAS COPCO AB
SGSN SGS SA
- Oliver Metzger
Sartorius Stedim Biotech : Weak finish as expected, stabilisation of o...
>Q4 sales weak as expected, order intake to stabilise - Q4 revenues of € 706m (-20.7% y-o-y, 0%/2% vs ODDO BHF/consensus) were impacted by a constant currency decline of 17.8%. Excluding Covid-headwind, the decline in revenue would have been at around 14% in the first half. Sartorius Stedim Biotech was significantly impacted by the expected inventory reductions and a general reluctance to invest on the part of customers. Order intake of € 716m (flat y-o-y) was in lin...
Sartorius Stedim Biotech publie ses résultats préliminaires non audité...
Sartorius Stedim Biotech SA / Mot-clé(s) : Résultat annuel/Résultat provisionnel Sartorius Stedim Biotech publie ses résultats préliminaires non audités pour l’exercice 2023 et fournit ses prévisions pour 2024 ainsi que de nouvelles perspectives à moyen terme 26-Jan-2024 / 07:00 CET/CEST Aubagne, 26 janvier 2024Sartorius Stedim Biotech publie ses résultats préliminaires non audités pour l’exercice 2023 et fournit ses prévisions pour 2024 ainsi que de nouvelles perspectives à moyen terme Résultats préliminaires non audités pour 2023 correspondant aux prévisions1 : chiffre d’af...
Sartorius Stedim Biotech publishes preliminary, unaudited results for ...
Sartorius Stedim Biotech SA / Key word(s): Annual Results/Preliminary Results Sartorius Stedim Biotech publishes preliminary, unaudited results for fiscal 2023 and provides 2024 guidance as well as new midterm outlook 26-Jan-2024 / 07:00 CET/CEST Aubagne, January 26, 2024 Sartorius Stedim Biotech publishes preliminary, unaudited results for fiscal 2023 and provides 2024 guidance as well as new midterm outlook Preliminary, unaudited 2023 results in line with forecast1: sales revenue of 2,775 million euros, in constant currencies2 –20.7 percent organically2 and -18.7 percent inclu...
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