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Sartorius (SRTGR: BBB): 2Q24 Results

HEALTHCARE
Weak guidance is a concern - Equity opening -13%
  • Sartorius reported "a moderate decline in sales revenue" -2.2% in 1H24.EMEA +3.6% but Americas -6.5% and China -4.7%
  • EBITDA 471m for 1H24 was a -8.8% dropMargins 28.1% vs 29.8% previous year
  • Guidance for 2024 FY has EBITDA margin dropping to 27-29% from >30% previously with Revenues flat.
  • Sartorius increased their total debt with the acquisition of Polyplus.
  • Their bonds trade roughly in-line with Werfen which is a notch lower rated.
  • Equity has been weak this year leading to liquidity gaps in the bonds as well.

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