SRH AlsterResearch AG Update: S&T AG - Accelerated order intake in Q1/21

S&T AG Technology Market Cap EUR 1.43bn BUY, PT EUR 31.00 (upside 43%) S&T AG_update S&T AG announced this morning that Q1/21 already saw strong momentum in new orders stemming from a broad spectrum of different industries. As such, we see S&T on a good way to achieve or even exceed its guided c. 12% sales increase in 2021 (EUR 1.4bn vs. eAR 1.44bn) despite current shortages of microchips which might lead to a slight shifts in sales from Q1/21 to subsequent quarters. In addition S&T delivers on its promised improvement in transparency and overall reduction in operational complexity. We reiterate our BUY recommendation yielding an upside of more than 40%. The increased maximum price for the share buyback to EUR 22.50 (prev. EUR 20.00) provides an additional safety cushion for investors in our view Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit https://www.research-hub.de