Sartorius AG: Difficult times might prevail for longer - PT down; Remains a HOLD

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Sartorius demonstrated a smoothly running business in 2021, and had a solid start in 2022, led by robust operating results in Q1. In the past two years, Sartorius had seen a surge in orders from vaccine manufacturers and Covid-19 test providers. However, the macroeconomic situation is still characterized by a mix of risks from inflation, war, Chinese lockdowns as well as supply chain issues. Given an exposure to several risk factors, we anticipated higher discount rates and lower long-term assumptions in our DCF valuation. We, thus, further lower our DCF-based target price from EUR 380.00 to EUR 315.00, while the rating remains HOLD.

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