Sartorius: Strong growth prospects – too high a rating

The DZ Bank analysts rate Sartorius’ quarterly figures as extremely strong. They are clearly above their expectations. The adjusted EBITDA margin comes to 31.3 percent, the experts’ estimate was 28.8 percent. The pandemic is providing Sartorius with additional momentum.

So far, Sartorius has assumed an increase in sales of between 26 percent and 30 percent for 2020. According to the new forecast, sales will reach or even exceed the upper end of the range. The margin should be 29.5 percent (old: 28.5 percent).

From the analyst’s point of view, the new forecast is also conservative. You think an adjusted EBITDA margin of 30.3 percent is realistic. They see earnings per share at EUR 4.44 in 2020 (old: EUR 4.09). For 2021 they increase their estimate from 4.43 euros to 5.43 euros. According to the experts, the growth rates should not normalize again until 2022.

Despite everything, there is a sell recommendation for Sartorius shares. The price target increases from EUR 211.40 to EUR 272.30.

The valuation of the share appears high to the analysts. The PER 2021e is 70.5, Merck comes to 19.1, Thermo Fisher Scientific has a PER of 25.3.

Sartorius shares today gain 2.2 percent to 391.80 euros.


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