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Sartorius reported estimate-beating Q2 22 numbers with revenue of €1.04bn, up 16.6% on a cc basis, leveraging broad-based growth. EBITDA, at €348.5m, resulted in a margin of 33.7%, down 110bp due to planned increases in opex.
The firm re-iterated FY22 guidance of 15-19% with an EBITDA margin at 34%, effectively upgrading its core business guidance as COVID-19-related vaccine normalisation was steeper than expected. We will raise our estimates.
Companies: Sartorius AG Pref
Sartorius reported a strong set of Q1 22 numbers as sales rose 25.4%, driven by broad-based growth. The EBITDA margin rose to 34.1% (+80bps), as operational leverage more than offset the currency headwinds.
Order intake was down 5.8%, largely attributable to the expected decline in bioprocessing. Encouragingly, the order intake figures were up sequentially.
FY 22 guidance – 15-19% top-line growth and a 34% EBITDA margin – was surprisingly unchanged.
We will upgrade our forecasts to reflect th
Sartorius reported strong Q4 21 numbers with revenue/EBITDA growth of 37.2%/53.7%, respectively. Order book growth, though down to 4%, was expected.
Guidance for FY22 – top-line growth of 14-18% and an EBITDA margin at the 2021 level of 34% – was well ahead of expectations while the FY 25 margin outlook was lifted to 34% (+2pp). We will upgrade our top-line forecasts to account for both the strong FY 21 showing as well as improved momentum in the forecast period.
Sartorius delivered another strong quarterly showing (+43.8/59.5% sales/EBITDA growth, respectively), trumping estimates on the top line as well as the bottom line. However, the re-iterated guidance implies a very conservative end to FY21. Moreover, with FY22 expected to benefit from similar pandemic tailwinds, a mid-term (FY25) guidance upgrade is likely. We will upgrade our estimates to factor in the strong showing as well as quicker than expected mid-term execution.
Sartorius announced expected Q2/H1 21 earnings, which had little element of surprise following the preliminary announcement on 6 July. H1 sales (+60.1%), EBITDA margins (34.1%) as well as guidance (FY21 top line +45%, margin at 34%) were in line with the preliminary numbers. The segmental results (BPS +62.6% with 36.3% EBITDA margin; LPS +52% with 26.2% EBITDA margin) were also broadly in line with the preliminary numbers.
We do not foresee any significant change to our estimates or target pric
Sartorius Q1 21 numbers trumped estimates. Sales were up 61.6% on a cc basis – driven by both bioprocessing solutions (+61.4%) and lab products and services (+62.3). Order intake (+89.2%) implies further acceleration in the near term. EBITDA was up by 91.2%, with the associated margin expanding by 630bp.
FY21 guidance was unchanged: revenue growth of 35% and EBITDA margin of 32%. We will upgrade our estimates and target price to factor in the strong performance.
Sartorius reported street-beating FY20 numbers with 30.2%/49% growth in revenue/order book, respectively. Growth was largely driven by bioprocessing (+34.4%/+56.4% revenue/order growth). EBITDA came in at €692.2m (+39.6%), with the associated margin at 29.6%. For FY21, top-line growth is expected at 19-25% with the EBITDA margin at about 30.5%. Sartorius also raised its mid-term outlook – FY25 revenue of €5bn (vs €4bn previously) and EBITDA margin of 32% (vs 28% earlier). We will upgrade our est
Sartorius reported stronger than expected Q3 20 numbers, as sales grew by 39.5% to €623.2m, driven by 44.1% growth in bioprocessing and 26.2% growth in lab products. EBITDA was up 58.1% to €195.1, with the associated margin at 31.3% (+450 bp), benefitting from operating leverage. Management now expects FY20 growth at the top end/above the previous guidance of 22%-26% and EBITDA margin at 29.5%. We will upgrade our estimates to factor in the strong Q3 showing and sustained bioprocessing tailwinds
Sartorius reported solid Q2 20 numbers, with sales rising by 19.2% to €546.9m and the EBITDA margin at 28.5%, both ahead of our estimates as well as consensus. Momentum was driven by strength across Bioprocessing Solutions (BPS, +20.2%) and Lab Products (LPS, +16.1%).
Management upgraded its FY20 expectations (growth of 22-26% vs 15-19% earlier; EBITDA margin at 28.5% vs 27.5% previously), thanks to COVID-19-driven momentum for BPS.
Following the strong performance, we will be upgrading our es
Sartorius reported strong Q1 20 numbers (16.5% growth, 27% EBITDA margin), driven by Bioprocess solutions (BPS). Management now expects FY 20 topline growth of 15-19% (vs 10-13% earlier) with unchanged EBITDA margin expectations (27.5%).
The COVID-19 impact has so far been neutral, with BPS benefiting from stocking tailwinds and LPS hurt by worsening macro conditions. In light of the ongoing uncertainties, the firm may reduce its FY19 dividend proposal.
Factoring in the strong performance, we
Sartorius reported largely in-line Q4 19 numbers. Sales came in at €471.2m (+12.9%cc), driven by bioprocess solutions (+14.4%). Lab Products and Services (+8.7%) also ended the year on a high. EBITDA came in at €133.8m with the associated margin at 28.4%.
Management expects FY 20 topline growth of 10-13%, EBITDA margin of 27.5% and capex at 10% of sales. Following the largely in-line results, we do not expect any significant changes to our estimates.
Sartorius reported strong Q3 19 numbers. Revenue was up by 14.7% – driven by Bioprocess Solutions (+17%) and supported by Lab Products and Services (+8.3%). EBITDA came in at €123.7m (margin +30bp to 26.8%). Management upgraded its FY 19 top-line growth guidance to the upper end of the earlier 10-14% range while re-iterating its EBITDA margin expectations (slightly above 27%). The company also announced the acquisition of parts of Danaher’s life science business. Following the strong performance
Sartorius reported strong Q2 19 results – beating our estimates as well as the consensus. Sales were up 15.1%, on a cc basis, driven by Bioprocess Solutions (+20.5%), which more than offset the weakness in Lab Products and Services (+0.6%). EBITDA came in at €123.5m (margin +130bp to 26.9%). Management upgraded its FY 19 top-line growth guidance to 10-14% (vs 7-11% earlier) while re-iterating its EBITDA margin expectations (27%). Following the strong Q2 performance, we will be upgrading our esti
Sartorius reported strong Q1 19 numbers – beating estimates on the top-line as well as the bottom-line. The bioprocess solutions business, up ~21%, was the clear growth driver, more than offsetting the softness in the lab products segment (5.9%). Looking ahead, management reiterated its FY 19 guidance: 7-11% top-line growth and an EBITDA margin of 27%. Factoring in the strong performance, we will be upgrading our estimates marginally. However, our recommendation will remain unchanged.
The recently-announced medium-term targets for 2025 are surprisingly ambitious, compelling us to reconsider our stance on the stock. The targets speak giant numbers (14%/15.5% CAGR sales/EBITDA between 2017 and 2025) and reflect a robust outlook for Sartorius’ underlying markets. Biosimilars are expected to play a key role and so are China and the US. We acknowledge management’s optimism and bump up our out-year revenue growth/EBITDA growth rates from 8%/10% to 13.5%/15%. Our recommendation chan
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EKF has reported a strong H1, with revenues of £37.5m and double-digit growth in underlying non-Covid related business. Management reports it is trading in line with expectations for the full year and we make no change to our profit forecasts at this stage. New growth initiatives are proceeding to plan and should lead to accelerated core growth from FY23 onwards. We continue to see substantial upside on successful execution with the shares trading on an FY23 P/E of 13.1x and an EV/EBITDA of just
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Singer Capital Markets
Kromek reported full-year results to 30 April that were in line with the trading update of 16 May. Record visibility over our FY 2023 revenue forecast of £18m (c.53% of which is already contracted and 37% “Awarded not Contracted”, with the balance from its normal monthly run rate) is a great start for FY 2023 on which the company can build further. We are leaving forecasts unchanged for the moment, despite additional contract wins, and expect to introduce FY 2024 forecasts at the time of its int
Companies: Kromek Group Plc
Kromek announced a £1.7m fundraise by way of the issue of convertible loan notes (8% coupon, 18-month conversion period at 15p per share), which will allow the company to minimise any potential supply-chain disruption to the delivery of contracts during the year. We make only minor changes to forecasts to reflect the additional interest (c.£0.1m) accrued, with adjusted pre-tax loss increasing to £5.0m. We leave our target valuation of £118m (27p) unchanged, with near-term catalysts (e.g. a secon
Ahead of its upcoming results, ECO has issued an update flagging an issue around a sales tax liability and the treatment of certain items of capitalised development, offset by a foreign exchange gain will result in it reporting FY22 Adj EBITDA of ~£6.5m vs SCMe £7.1m. It has also indicated trading in China has been difficult in Q1 FY23, particularly with the large producers, but margins have improved on mix. Trading in the Rest of the World has been strong YTD. Given the proximity to the results
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Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export
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Smith & Nephew reported mostly in-line Q2 22 numbers, missing the top-line estimates (-0.6%) but beating on the trading profit (+0.5%), albeit marginally.
The Q2 performance was overshadowed by a 100bp margin downgrade for FY22 (-50bps Y-o-Y vs +50bps previously), which sent the stock ~9% lower in the session following the update. The reiteration of the top-line growth outlook of 4-5% was no help either.
We will cut our estimates, largely to reflect the soft margin guidance.
Companies: Smith & Nephew PLC
Companies: PureTech Health PLC
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Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports
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In Q2, Astra sustained its solid top-line momentum. Like in the past few quarters, this outperformance was again driven by higher COVID-19 business sales and solid growth in Diabetes drug Farxiga. Moreover, the recovering Oncology and much-needed green shoots in Rare Diseases were the icing on the cake. Although, profitability again came under the scanner but should improve in the coming quarters/years as the company completes its ‘growth phase’. Overall, a decent set of results and our positive
Companies: AstraZeneca PLC
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Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (earbuds) system which offers integrated real time speech
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Belluscura has announced that it has entered into a Group Purchasing Organisation Product Supply Agreement with VGM Group which further expands its distribution network across the US.
Companies: Belluscura PLC
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