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Sartorius reported weak Q3 23 preliminary numbers while also issuing a second profit warning for FY23, citing longer-than-expected inventory rationalisation and the weak demand recovery. Moreover, the firm is also reviewing its mid-term (FY25) outlook. Although the double-digit decline in the share price (-11% at pixel time) is likely an over-reaction, the uncertainty around the mid-term outlook may well scuttle any near-term recovery.
Companies: Sartorius AG Pref
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Sartorius announced soft Q2 23 numbers, missing estimates. Sales declined by 17.5% while order intake fell by 33.5%. However, the management’s confidence in returning to growth in Q3/Q4 led to a 9% rebound in the share price late in the session. The FY23 outlook, re-iterated by the company, projects a low-to-mid teens sales decline and an EBITDA margin of ~30%. The broad-based pressure is expected to ease, and the recently-downgraded guidance appears achievable with order book growth set to re
Sartorius reported lower-than-expected Q1 23 sales, down 13.2% YoY in constant currency terms, with a 400bps contraction in the EBITDA margin to 30.1%. This disappointing performance was mainly due to the weak volume development, especially within the bioprocessing segment. With order intake down 32%, the near-term remains uncertain, sending the stock price >10% lower. Although the company maintained its FY 23 guidance, this weak start to the year will see us trim our estimates by mid-to-high si
Sartorius reported a marginal FY22 beat. Sales were up 15% in cc terms with underlying EBITDA margin of 33.8% coming in 30bp ahead of estimates. For FY23, Sartorius expects soft sales growth of a low single-digit with a stable EBITDA margin. However, the bigger news was a 10% upgrade to the firm’s FY25 sales estimate. We expect a high single-digit cut to our FY23 top-line estimates, the impact of which should be buffered by the more promising longer-term outlook.
Sartorius reported soft Q3 22 numbers with revenue growth of 8.7% on a cc basis vs the double-digit growth posted in the last few quarters causing the stock to dive by 10%+ following the announcement. The firm cut its FY22 top-line growth expectation to the lower end of the earlier 15-19% range while re-iterating its EBITDA margin expectations of 34%. We will trim our estimates to reflect the weak Q3 performance and the muted growth in the order book.
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.
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
Companies: SRT3 SRT3 SRT3N SRT3 SUVPF
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
Companies: Sartorius AG
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
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