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.
Companies: Sartorius Stedim Biotech (DIM:EPA)Sartorius Stedim Biotech SA (DIM:PAR)
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.
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