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Sartorius (SRTGR; NR, BBB S) {SRT GR Equity} 1Q24 Earnings

HEALTHCARE

Curve looks priced fair-to-cheap. 26's screen cheap at Z+71/€100.7/3.9% & trading in line with Bayer. Note bridge loan was refi'd on the €3b local deal so maturity profile relatively clean (cleaner vs. Bayer as well).

  • The various equity raises on parent & subsidiary equities saw €800 cash inflow recorded this quarter. Note the bulk of the raise/€1.2b was done on subsidiary Sardius Stedim Biotech {DIM FP Equity} that the group has 70% ownership in.
  • Even on LTM EBITDA cycling higher to current consensus (€1.1b) it'll need ~€500m in debt paydowns - that will be tight on current consensus for operating cash flows of €900m and capex at 13% of sales (~€450m) -we are not sure if co is looking at more raises.
  • Again above assumes pick up in headline sales. Medium term guidance after this year is firm & should see more cash flow- use of it (acquisitions) remains at mgmt's discretion.
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