Gerresheimer AG: Continued focus on deleveraging

研报英文原文证据摘录

Gerresheimer AG: Continued focus on deleveraging

(ex leases), and the covenant is suspended until November 2026 (at 4.75x ex leases). We

From To % ch Cons.

continue to think that the sale of either or both assets could alleviate some of the 11/26E 0.84 0.38 -55 2.50

balance sheet pressure facing Gerresheimer and would be a catalyst for the shares, 11/27E 2.01 2.22 11 3.46

depending on the valuation achieved (see our last note). 11/28E 2.52 2.77 10 4.08

Transformation programme initiated, FY26 backend loaded Olivier Calvet, CFA

Analyst

Gerresheimer new management has launched a Transformation Offensive (GTO) to olivier.calvet@ubs.com

improve profitability in FY26 (50-100bps EBITDA margin) and mid term (2-4p.p.) along +41-44-239 2051

operations, SG&A, procurement and commercial excellence; and increased cash

Tanya Hansalikoptimisation. Gerresheimer has commented publicly it expects to publish 1Q26 results

(to end Feb) sometime in late July, or August - we expect FY26 to be rather backend tanya.hansalik@ubs.com

loaded. +41-44-239-2053

Chiara Tomesani

Valuation: PT unchanged at €12.9

We are updating our model, with minimal changes to our sales/EBITDA forecasts (on chiara.tomesani@ubs.com

average over FY26-28 1.4% and 0.5%) but reflecting the temporary working capital +44-20-7567 3438

outflow in 2026 on the factoring issue flagged at 4Q25 results call, explaining the

majority of the cut to FY26 FCF guide. Our PT is based on our DCF with WACC of 9.8

from 10% (reflecting improved prospects of a resolution of the Bafin investigation

following the annual report publication and auditor unqualified audit opinion), and

unchanged terminal growth of 1.8% and EBITDA margin of 21% - corresponding in our

view to the company's mid-term profitability target post transformation programme.