SRH AlsterResearch AG Update: Sartorius AG - Impressive start in 2021; Remains a HOLD

Sartorius AG (Update) Health Care MCap EUR 31.6bn HOLD, PT EUR 445.00 (-4% potential) Research_update Sartorius had an impressive start to the year as it reported a stellar Q1 with better-thanexpected revenues and operating results, along with a robust order intake. Sartorius benefitted immensely from the COVID-19 pandemic, as reflected in all figures. Management has reiterated its updated guidance for FY 2021 (see our latest update from March 19, research-hub.de), targeting sales growth of ca 35% yoy, and an underlying EBITDA margin of ca 32%. Sartorius has a stellar competitive quality which is clearly reflected in superior ROCEs of 18% eAR. However, valuation remains to look quite rich even after such an impressive set of figures. For the time being, all potentials are reflected in the current share price. Therefore, we keep our HOLD rating as well as our DCF-based price target of EUR 445.00 unchanged. For 5 current investment ideas, check our Weekly Screener. This week we are looking for companies that are simply the cheapest (deep value). Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit https://www.research-hub.de