Morningstar

Sartorius AG Vorz-Inhaber-Akt ohne Stimmrecht SRT3

Morningstar Rating
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Stock XETR Rating as of
€236.90 −1.70 (0.71%)
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As of Delayed Price Closed

Company Report

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Sartorius AG Experiencing Tough Post-Covid Reset, but Long-Term Story Intact

Jay Lee

Sartorius AG is a leading provider of single-use biopharmaceutical fermentation and fluid management solutions. It offers products and services for life science labs and bioprocessing. For bioprocessing, Sartorius performs consultations and custom installations of biomanufacturing systems for its drugmaker clients, which include bioreactors, filtration and purification systems, and cell analysis systems. This equipment has high disposable consumable requirements, including single-use bioreactor bags, filters, tubes, and containers. The company’s proven expertise in single-use technology, or SUT, and the regulation-validated nature of biomanufacturing gives Sartorius an attractive razor-and-blades model and supports a wide economic moat.

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Price vs Fair Value

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SRT3 is trading at a 883% premium.
Price
€238.60
Fair Value
€683.00
Uncertainty
High
1-Star Price
€897.75
5-Star Price
€437.00
Economic Moat
Kns
Capital Allocation
Mdbfrgtjx

Bulls Say, Bears Say

Bulls

Sartorius has limited customer concentration risk, and smaller customers account for a majority of revenue.

Bears

Sartorius risks overpaying for acquisitions, and it will be a long time before investors can assess the success of its its EUR 2.6 billion Polyplus acquisition in 2023.

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Trading Information

Previous Close Price
€238.60
Day Range
€234.50–245.40
52-Week Range
€199.50–383.70
Bid/Ask
€0.00 / €236.20
Market Cap
€16.36 Bil
Volume/Avg
90,806 / 100,664

Key Statistics

Price/Earnings (Normalized)
181.17
Price/Sales
2.44
Dividend Yield (Trailing)
0.31%
Dividend Yield (Forward)
0.31%
Total Yield
0.31%

Company Profile

Sartorius AG is a leading provider of bioprocessing solutions. Its Bioprocess division sells equipment and consumables for upstream and downstream manufacturing of biologic drugs, and has a focus on single-use technology, or SUT. Its Lab Products and Services division offers a wide range of products for lab use, including scales, pipettes, and filtration equipment. As of 2022, the Bioprocess and LPS divisions contributed 80% and 20% of revenue, respectively. Bioprocess is housed in its subsidiary Sartorius Stedim Biotech, of which Sartorius AG has a 74% ownership and 85% voting control. The business is geographically diverse, with revenue across Europe, the Middle East, and Africa (37% of 2022 sales), the Americas (37%), and Asia-Pacific (26%). We estimate China revenue to be around 10%.
Sector
Healthcare
Industry
Medical Instruments & Supplies
Stock Style Box
Large Growth
Total Number of Employees
14,143
Website
https://www.sartorius.com

Competitors

Valuation

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Metric
SRT3
MTD
TMO
Price/Earnings (Normalized)
 181.1738.7827.51
Price/Book Value
 6.08—4.84
Price/Sales
 2.448.445.47
Price/Cash Flow
 14.5435.6126.95
Price/Earnings
SRT3
MTD
TMO

Financial Strength

Metric
SRT3
MTD
TMO
Quick Ratio
 0.960.641.24
Current Ratio
 1.911.071.72
Interest Coverage
 2.0413.344.91
Quick Ratio
SRT3
MTD
TMO

Profitability

Metric
SRT3
MTD
TMO
Return on Assets (Normalized)
 1.17%25.11%8.68%
Return on Equity (Normalized)
 4.78%—18.42%
Return on Invested Capital (Normalized)
 3.71%45.56%10.79%
Return on Assets
SRT3
MTD
TMO

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