Gerresheimer AG "Continued focus on deleveraging" (Sell) Calvet

研报英文原文证据摘录

Gerresheimer AG "Continued focus on deleveraging" (Sell) Calvet

Global Research

24 July 2026ab

Gerresheimer AG Equities

GermanyContinued focus on deleveraging

Pharmaceuticals

12-month rating Sell

Some steps in the right direction - a big step ahead with the Centor sale

We update our estimates in the wake of Gerresheimer's FY26 guidance update - which 12m price target €12.90

came in close to our initial estimates at sales and EBITDA, but below at FCF level for FY26

(as per management comments, the majority of the cut in FY26 FCF guide is a reduction

Price (23 Jul 2026) €26.52

in factoring - hence we think it has the potential to reverse over the following years). We

believe a number of steps have been taken in the right direction at Gerresheimer, RIC: GXIG.DE BBG: GXI GR

starting from culture and communication, with the changes in management, the

Trading data and key metrics

publication of the company's FY25 annual report as a result of substantial review work

52-wk range €49.52-15.70

and restatements leading KPMG to issue an unqualified audit opinion (in the context of

the Bafin investigation). We have slightly cut our WACC reflecting prospects of a Market cap. €0.92b/US$1.04b

resolution of the Bafin investigation, offsetting the weaker FY26 cash flow, leading to an Shares o/s 34.5m (ORD)

unchanged €12.9 PT. We continue to note a wide range of possible outcomes, with Free float 100%

upside risks including a successful sale of Centor and debt restructuring. Avg. daily volume ('000) 208

Avg. daily value (m) €5.6

The Centor sale is decisive to Gerresheimer's debt reduction and restructuring Common s/h equity (11/26E) €1.15b

As we wrote previously, Centor is a potentially attractive asset but a sale would be P/BV (11/26E) 0.8x