Past the Trough: Upgrading to Buy

研报英文原文证据摘录

Past the Trough: Upgrading to Buy

Deutsche Bank

Research

Rating Company Date

Buy SCHOTT Pharma 6 July 2026

Recommendation

Europe Change Germany

Reuters Bloomberg Exchange Ticker Price at 2 Jul 2026 (EUR) 17.46

1SXP.DE 1SXP GR GER 1SXP

Price Target (EUR) 22.00

Healthcare

52-week range (EUR) 26.85 - 12.96

Medical Technologies &

Services

Valuation & Risks

Falko Friedrichs

Takeaway Summary Research Analyst

Following a slow first half caused by reduced demand from a key glass syringe +49-69-910-36270

customer, we expect growth to accelerate in the third and fourth quarters,

Jan Koch, CFA

accompanied by improving margins. Given this outlook, we believe the full-year Research Analyst

2026 guidance should be achievable, at least at the midpoint. From FY27 onwards, +49-69-910-47428

we expect the company to return to delivering in line with its medium-term

Fynn Scherzler

guidance, which projects 6-8% organic sales growth and continued margin

Research Analyst

expansion. Considering these improving prospects, we view the current valuation

+49-69-910-40764

of 16x our 2027E P/E—a discount of approximately 30% to its closest competitor,

Stevanato—as attractive and therefore upgrade the shares to Buy. Sachin Gadilingappa

Research Associate

Forecast Changes & Valuation

We have increased our price target for SCHOTT Pharma to €22 (from €16), reflecting Key changes

a higher target multiple and slightly increased outer-year earnings. While our TP 16.00 to 22.00 ↑ 37.5%

adjusted EPS forecast for 2026 is largely unchanged, we have raised our estimates

Rating Hold to Buy ↑

for the outer years by around 2%. We are increasing our target P/E multiple to 20x

DB EPS (EUR) - ↓ -0.3%

(from 15x), which we believe is justified by the prospects for improving growth and