Event in Progress:
Discover the latest content that has just been published on Research Tree
Sartorius Stedim reported soft Q2 22 numbers with revenue of €861.8m, up 17% on a cc basis, leveraging broad-based growth. EBITDA, at €303.2m, resulted in a margin of 35.2%, down 150bp due to planned increases in opex.
The firm re-iterated FY22 guidance of 15-19% with an EBITDA margin >35%, effectively upgrading its core business guidance as COVID-19-related vaccine normalisation was steeper than expected. We will raise our estimates.
Companies: Sartorius Stedim Biotech (DIM:EPA)Sartorius Stedim Biotech SA (DIM:PAR)
Sartorius Stedim reported a strong set of Q1 22 numbers as sales rose 27.6%, driven by broad-based growth. The EBITDA margin was 35.2% (-20bp), as operational leverage was offset by currency headwinds.
Order intake was down 8.6%, 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 >35% EBITDA margin – was unchanged.
We will upgrade our forecasts to reflect the strong Q1 showi
Sartorius Stedim delivered another strong quarterly showing (+48/61.3% sales/EBITDA growth, respectively), trumping estimates on the top as well as the bottom line. However, the re-iterated guidance implies a very conservative end to FY21. Moreover, with pandemic tailwinds expected to persist in FY22, 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 Stedim’s Q2/H1 21 earnings had little element of surprise following the preliminary announcement on 6 July. H1 sales (+61.1%), EBITDA margin (36.1%) as well as guidance (FY21 top line +48%, margin at 36%) were all in line with the preliminary numbers. The strong performance has resulted in strong growth in cash flows as well as an improvement in leverage metrics.
However, given the largely expected showing, we do not foresee any significant change to our estimates or target price.
Sartorius Stedim’s Q1 21 numbers trumped estimates. Sales were up 61.1% on a cc basis, while order intake growth was even more impressive (+95.9%). EBITDA was up by 82.8%, with the associated margin expanding by 540bp.
FY21 guidance was unchanged: revenue growth of 38% and EBITDA margin of 33%. We will upgrade our estimates and target price to factor in the strong performance.
Sartorius Stedim reported solid FY20 numbers with 34.6%/56.7% growth in revenue/order book, respectively. Growth was largely attributable to bioprocessing (+34.4%/+56.4% revenue/order growth). EBITDA came in at €604.7m (+43.5%), with the associated margin at 31.7%. For FY21, the top-line growth/EBITDA margin is expected at 20-26%/32% respectively. The company also raised its mid-term outlook – FY25 revenue of €4bn (vs €2.8bn previously) and an EBITDA margin of 33% (vs 30% earlier). We will upgra
Sartorius Stedim reported very strong Q3 20 numbers, as sales grew by 43% to €510.4m, driven by a 44.1% growth in bioprocessing. EBITDA was up 61.2% to €172.4m, with the associated margin at 33.8% (+470bp), benefitting from significant operating leverage. Management now expects FY20 growth at the top end/above the previous guidance of 26%-30% and an EBITDA margin at 32% (vs 31% previously). We will upgrade our estimates to factor in the strong Q3 showing and sustained tailwinds in bioprocessing.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Sartorius Stedim Biotech SA.
We currently have 0 research reports from 2
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
Companies: EKF Diagnostics Holdings plc
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
Companies: ECO Animal Health Group plc
Companies: Omega Diagnostics Group PLC
Dish of the day
No joiners today.
No leavers today.
What’s cooking in the IPO kitchen?
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
Companies: SDI FUL PURP OSI IXI BSE BRSD ATM
Companies: TIDE EXR FTC KMK PEB RBG ETP
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
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
Companies: SourceBio International Plc
Dish of the day
No joiners today.
Leavers: No leavers today.
What’s cooking in the IPO kitchen?**
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
Companies: ARBB ARO ETX NAH RENE SYM THR
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
Companies: Argo Blockchain Plc (ARB:LON)Kromek Group Plc (KMK:LON)
Dish of the day
Inteliqo Limited has joined the Access Segment of AQSE Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners.
Leavers: Menzies (John) plc and Sanne Group have left the Premium Segment of the Main Market.
What’s cooking in the IPO kitchen?**
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 sup
Companies: INSE AEG ASTO BEG CGH FIPP KMK
For the year to 30 April 2022 Kromek reported results in line with the Trading Update of 16 May: revenue of £12.1m, +16.5%YoY, and an EBITDA (adj.) loss of £1.2m. We estimate revenue in the Advanced Imaging division grew 28% YoY to £4.6m, whilst the CBRN segment grew 1.5x to £5.4m.
Kromek reports that it expects growth to accelerate in both its core segments – security-related CBRN and advanced imaging – with the prospect of “a substantial year-on-year increase in revenue”. The CBRN segment in