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1. Company Snapshot

1.a. Company Description

Sartorius Aktiengesellschaft provides bioprocess solutions and lab products and services worldwide.The company offers biosensors and kits, compliance tools, systems software, label-free detection systems, and SPR systems; live-cell analysis systems, flow cytometry platform, and cell analysis reagents and consumables; and antibody and recombinant protein media, viral vaccines media, regenerative medicine media, general media, downstream buffer, microcarrier, and stem cell media and reagent products, as well as strong acids, bases, and alcohols and detergents.It also provides multi-parallel bioreactors, benchtop bioreactors, single-use bioreactors, stainless steel bioreactors, cell culture bioreactors, microbial bioreactors, and software apps for bioreactors; membranes, blotting products, filter papers, glass and quartz microfibre products, and filtration equipment; syringe filters; and filtration devices, ultrafiltration devices, sterile filtration devices, harvesting devices, analytical sample prep systems, buffer exchange systems, diagnostic sample prep systems, particle analysis systems, pharmaceutical filtration systems, protein DNA concentration systems, venting moisture barriers, clarification systems, buffer and media products, and membrane chromatography products.


In addition, the company offers process filtration products; process filtration products; process chromatography products; fluid management products; process analytical technology and data analytics; industrial microbiology systems; water purification systems; weighing systems; pipetting and dispensing systems; OEM systems; and centrifuges.Further, it provides bioprocess development and engineering, protein expression system, media and process, testing, instrument, and validation services.It serves the life science research, biopharmaceutical manufacturing, quality control and testing, and applied industries.


The company was founded in 1870 and is headquartered in Göttingen, Germany.

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1.b. Last Insights on SRT

Sartorius Aktiengesellschaft's recent performance was positively driven by the company's upward revision of its 2025 revenue growth guidance to 7% from 6% previously, accompanied by a 17% rise in underlying net profit. This upward momentum is further supported by the company's presence in the growing bioseparation systems market, driven by increasing biopharmaceutical demands. Additionally, the global biopreservation market is expected to surpass $7.1 billion by 2029, presenting opportunities for growth.

1.c. Company Highlights

2. Sartorius Stedim Biotech Reports H1 2025 Results: Strong Growth in Recurring Business

Sartorius Stedim Biotech reported H1 2025 results, with revenue growing 6.1% in constant currencies to €1.767 billion, driven by a double-digit growing recurring business. Underlying EBITDA increased 11.9% to €527 million, with a margin of 29.8%. The Bioprocessing Solutions (BPS) division saw sales growth of 9% in constant currencies to €1.435 billion, driven by recurring business, while Lab Products & Services (LPS) declined 4% in constant currencies. The company's EPS came out at €1.22, beating estimates of €1.07. According to management, "The strong growth in our recurring business, particularly in bioprocessing consumables, was a key driver of our performance in the first half." (1)

Publication Date: Jul -28

📋 Highlights
  • Revenue Growth: Revenue increased by 6.1% in constant currencies to €1.767 billion, driven by double-digit growth in recurring business.
  • EBITDA Performance: Underlying EBITDA rose by 11.9% to €527 million, with a margin of 29.8%.
  • Divisional Growth: Bioprocessing Solutions (BPS) sales grew 9% to €1.435 billion, while Lab Products & Services (LPS) declined 4%.
  • Full-Year Guidance: The company confirmed its 2025 guidance, expecting 6% sales growth in constant currencies with a 29-30% EBITDA margin.
  • Free Cash Flow: Free cash flow increased by €14 million to €122 million, with a net debt to underlying EBITDA ratio of 3.8x.

Financial Performance and Guidance

The company confirmed its full-year 2025 guidance, expecting sales growth of 6% in constant currencies, with BPS growing 7% and LPS growing 1%. The EBITDA margin guidance is 29-30% for the group, 31-32% for BPS, and 22-23% for LPS. Sartorius Stedim Biotech's sales increased by over 9% in constant currencies to nearly €1.5 billion, with underlying EBITDA rising 19.3% to €462 million and an EBITDA margin of 31%. The company's free cash flow grew by €14 million to €122 million, with a net debt to underlying EBITDA ratio of 3.8x.

Segment Performance

The bioprocessing consumables business continues to show strong growth, with a positive outlook, driven by commercial manufacturing demand. The company has a strong position in viral vector-based gene therapies and new modalities, despite short-term headwinds in the AAV category. LPS instrument demand remains under pressure due to a pause in investment in earlier-stage research. The company does not see any pull-forward trends in orders, neither in Q1 nor in Q2.

Valuation and Outlook

At current prices, Sartorius Stedim Biotech trades at a P/E ratio of 106.17, a P/B ratio of 4.9, and an EV/EBITDA multiple of 19.16. The stock offers a dividend yield of 0.39% and a free cash flow yield of 5.66%. With a strong order book and customer dialogues, the company feels comfortable with its guidance, citing a positive outlook for the second half of the year. Analysts estimate next year's revenue growth at 8.8%, which could potentially lead to an upward revision in earnings estimates.

Management's Commentary and Strategy

The new CEO, Michael Grosse, has been with the company for over three weeks and is focused on a strategic review, emphasizing the importance of innovation, customer needs, and operational performance. The company prioritizes deleveraging but also considers inorganic growth, with no large M&A projects actively being worked on. With a healthy start to the year, Sartorius Stedim Biotech is well-positioned to meet its guidance and drive long-term growth.

3. NewsRoom

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Buffer Preparation Market Trends & Forecasts Report 2025-2035 Featuring Asahi Kasei, Avantor, Canvax, Danaher, GE, HOPAX, Merck, Prepared Biologics, Sartorius, Sepragen, Thermo Fisher Scientific, ZETA

Dec -01

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PainTEQ Scales Leadership: Med-Tech Catalyst Robert Kline Joins Board to Drive New Standard in Interventional Spine Care

Oct -28

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Sartorius (XTRA:SRT3): Gauging Value After a 25% Monthly Surge

Oct -26

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Leading Companies in Bioseparation Systems Market: Strategies and Innovations Explored

Oct -21

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Sartorius Shares Rise After Guidance Lift

Oct -16

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Global Biopreservation Market Set to Surpass USD 7.1 Billion by 2029 | MarketsandMarkets™

Oct -08

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European healthcare stocks surge after US deal with Pfizer

Oct -01

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Sartorius (XTRA:SRT3): Assessing Valuation After Recent Subtle Share Price Moves

Sep -21

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.85%)

6. Segments

Bioprocess Solutions

Expected Growth: 8%

Sartorius' Bioprocess Solutions segment growth is driven by increasing demand for biologics, vaccines, and gene therapies, fueled by the COVID-19 pandemic. Expanding biopharma industry, growing adoption of single-use technologies, and increasing regulatory requirements for bioprocessing also contribute to the segment's 8% growth.

Lab Products & Services

Expected Growth: 12%

Sartorius' Lab Products & Services segment growth is driven by increasing biopharmaceutical R&D investments, rising demand for single-use technologies, and expansion in emerging markets. Additionally, the company's strategic acquisitions, innovative product launches, and strong customer relationships contribute to its 12% growth.

7. Detailed Products

Bioreactors

Sartorius offers a range of bioreactors for cell culture and fermentation, from small-scale to large-scale production, designed for maximum flexibility and ease of use.

Fermenters

Sartorius provides fermenters for microbial fermentation, offering a range of sizes and configurations to meet specific process requirements.

Downstream Processing Equipment

Sartorius offers a range of downstream processing equipment, including centrifuges, filters, and chromatography systems, for the purification and separation of biomolecules.

Laboratory Instruments

Sartorius provides a range of laboratory instruments, including balances, pipettes, and laboratory software, for precise and accurate measurements.

Single-Use Systems

Sartorius offers single-use systems for biopharmaceutical manufacturing, including bioreactors, fermentation systems, and downstream processing equipment.

Data Analytics and Software

Sartorius provides data analytics and software solutions for biopharmaceutical manufacturing, including data management and process control systems.

Services

Sartorius offers a range of services, including consulting, training, and validation, to support biopharmaceutical manufacturing and laboratory operations.

8. Sartorius Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

Sartorius Aktiengesellschaft operates in the biotechnology and pharmaceutical industries, where substitutes are limited. However, the company's products and services can be substituted with those of its competitors, which reduces the switching costs for customers.

Bargaining Power Of Customers

Sartorius Aktiengesellschaft's customers are primarily biotechnology and pharmaceutical companies, which have limited bargaining power due to their dependence on the company's products and services.

Bargaining Power Of Suppliers

Sartorius Aktiengesellschaft relies on a few key suppliers for raw materials and components, which gives them some bargaining power. However, the company's large size and global presence mitigate this risk.

Threat Of New Entrants

The biotechnology and pharmaceutical industries have high barriers to entry, including significant capital requirements, regulatory hurdles, and the need for specialized expertise, which limits the threat of new entrants.

Intensity Of Rivalry

The biotechnology and pharmaceutical industries are highly competitive, with several established players competing for market share. Sartorius Aktiengesellschaft faces intense competition from companies such as Thermo Fisher Scientific, Merck, and Danaher.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 71.98%
Debt Cost 3.95%
Equity Weight 28.02%
Equity Cost 8.37%
WACC 5.18%
Leverage 256.92%

11. Quality Control: Sartorius Aktiengesellschaft passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Stevanato

A-Score: 4.0/10

Value: 3.1

Growth: 5.6

Quality: 5.5

Yield: 0.0

Momentum: 9.0

Volatility: 1.0

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Tecan

A-Score: 3.6/10

Value: 4.4

Growth: 4.1

Quality: 5.7

Yield: 2.5

Momentum: 0.0

Volatility: 4.7

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Gerresheimer

A-Score: 3.3/10

Value: 8.8

Growth: 4.6

Quality: 4.1

Yield: 1.2

Momentum: 0.0

Volatility: 1.3

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Carl Zeiss Meditec

A-Score: 3.3/10

Value: 3.9

Growth: 5.0

Quality: 5.9

Yield: 1.9

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
NovoCure

A-Score: 2.8/10

Value: 7.2

Growth: 3.0

Quality: 3.6

Yield: 0.0

Momentum: 2.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Sartorius

A-Score: 2.7/10

Value: 1.3

Growth: 5.3

Quality: 3.4

Yield: 0.0

Momentum: 3.5

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

196.8$

Current Price

196.8$

Potential

-0.00%

Expected Cash-Flows