Sartorius Stedim Biotech SA

DIM: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€794.00	Zgmq	Ppjpblmvr

Sartorius Stedim Sees Sales Soar in 2021, but Few Changes to Long-Term Expectations; Maintain FVE

Aaron Degagne

Jan 27, 2022

Wide-moat Sartorius Stedim Biotech--Sartorius AG’s bioprocess subsidiary--generally met our expectations in the fourth quarter, with revenue coming in near our forecast (and FactSet consensus), although EBITDA and EPS slightly exceeded our forecasts. We are maintaining our EUR 290 fair value estimate. While shares remain overvalued in our view, the stock has recently been trading at a more reasonable valuation than the sky-high multiples reached over 2020 and most of 2021.

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