AlsterResearch Update: Sartorius - Impressive operating results

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What’s it all about?

Sartorius reported yet another stellar quarter, profiting from its organic strength and strong demand for COVID-19 vaccines and test kits, resulting in higher-than-expected top- and bottom-line figures. Given the impressive showing, the company confirmed its capital expenditure to sales ratio guidance of ca 12% for 2021, which would be used to accelerate its production capacity in Germany, China, Puerto Rico, and South Korea. Additionally, it still expects the net debt/EBITDA ratio target to stay marginally below 2.0. Despite another stellar quarter, we maintain our estimates as well as our Hold rating and DCF-based price target of EUR 510.00.