Sartorius Stedim Biotech "2Q26 Results Preview" (Neutral) Weston

研报英文原文证据摘录

Sartorius Stedim Biotech "2Q26 Results Preview" (Neutral) Weston

Matthew Weston, PhD

recent years, we expect that Sartorius is likely to be conservative about flagging a

Analyst

turning point in equipment demand without a clear line of sight for a number of matthew.weston@ubs.com

months/quarters. UBS estimates assume a gradual recovery in equipment demand +44-20-7567 4055

starting in 2027.

Colin White, PhD

Management commentary after activist public comment. In May 2026, Analyst

Elliott Investment Management took a stake in one of Sartorius' largest colin.white@ubs.com

+44-20-7567 8657

shareholders, Bio-Rad, and in Sartorius/Stedim itself. This will be the first

opportunity for management to comment. We note that the company has Xian Deng, PhD, CFA

historically not made material comments about the potential change in Analyst

shareholder structure that may be possible from mid-2028 when the family xian.deng@ubs.com

+44-20-7901 6285

Executorship expires. We expect very little incremental commentary from the

company but look forward to the 2Q call.

FY26 guidance. We expect Sartorius Stedim to reiterate confidence in FY26

guidance but see it as too early to consider improved expectations without visibility

into 2H bioprocess demand and the potential for equipment recovery. We assume

a gradual recovery in equipment demand starting in 2027.

Highlights (€m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 2,776 2,780 2,968 3,140 3,431 3,797 4,158 4,546

EBIT (UBS) 639 594 708 780 905 1,052 1,189 1,342

Net earnings (UBS) 386 338 428 497 605 733 857 996

EPS (UBS, diluted) (€) 4.19 3.49 4.40 5.10 6.22 7.54 8.81 10.24

DPS (net) (€) 0.69 0.69 0.69 1.02 1.24 1.51 1.76 2.05

Net (debt) / cash (3,565) (2,191) (2,173) (1,936) (1,594) (1,125) (516) 183