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Satorius +10%, Longer Spreads -13bp On 24/28 Outlook

HEALTHCARE


  • FY23 results saw rev of EU3.4 bn, adj- EBITDA of EU962 and adj-EBITDA Margin of 28.3% all in line with BBG consensus.
  • EBITDA leverage rose to 5x from 1.7x at FY22 though this was driven by the acquisition of Polyplus and is seen reducing to 4x in 2024. Net OCF rose to €836mn from €734mn in FY22 driven by working capital optimisation
  • 2024 outlook includes “mid to high single-digit” revenue growth (1.5% of which non-organic), adj-EBITDA margin above 30% and capital expenditure as a percentage of revenue around 13% from 16.5% this year.
  • 2028 outlook sees average growth of ”lower double-digit percentage” (with acquisitions contributing about a fifth) and adj-EBITDA margins of ~34%.
  • Equity analysts at Jefferies and Morgan Stanley found the book-to-bill ratio above 1x and FY24 guidance encouraging, signalling a turnaround in the bioprocess solutions business.
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