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config.isSandbox === 'true']); /* Does application use Piano ID? */ if (config.isSandbox === 'false') { window.tp.push(['setPianoIdUrl', 'https://id-eu.piano.io']); window.tp.push(['setEndpoint', 'https://buy-eu.piano.io/api/v3']); } else { window.tp.push(['setPianoIdUrl', 'https://sandbox.piano.io']); window.tp.push(['setEndpoint', 'https://sandbox.tinypass.com/api/v3']); } window.tp.push(['setUseTinypassAccounts', false]); window.tp.push(['setUsePianoIdUserProvider', true]); /* gift article */ try { const urlParams = new URLSearchParams(window.location.search); if (urlParams.has('gift_created') && new Date(urlParams.get('gift_created') / 1 * 1000) > Date.now() - 7 * 24 * 60 * 60 * 1000) { window.tp.push(['setCustomVariable', 'shared_article_valid', 'true']); } } catch (e) { console.log(e); } /* Execute when the page is first loaded */ if (window.nzzDebugPiano) { console.log('%c set tags', 'background: yellow;color:black'); } tags.forEach(function (tag) { window.tp.push(tag); }); 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class="headline"><div class="headline__highlight"><div class="headline__inner headline__inner--highlight"><div class="teaser__flag teaser__flag--content teaser__flag--colored"><div class="teaser__flag teaser__flag--colored teaser__flag--default teaser__flag--default-regular"><span class="teaser__flag--text"> Mr Market </span> </div></div> <h1 class="headline__title"> <span>Sartorius wird zu einem Contrarian-Kandidaten</span></h1></div></div> <div class="headline__inner"><p class="headline__lead">Nachdem der Laborausrüster bereits im ersten Quartal enttäuscht hat, muss er nun die Jahresprognose revidieren. Auch wenn die Erholung auf sich warten lässt, ist das Unternehmen gut aufgestellt, um von langfristigen Wachstumstrends zu profitieren.</p> <div class="progressbar__wrapper"><div class="progressbar"><div class="progressbar__line"><div class="progressbar__line--fill" style="transform:translateX(-100%);"></div></div></div></div> <div class="headline__meta"> <div class="metainfo metainfo--content"> <span class="metainfo__item metainfo__item--author"><a target="_blank" href="mailto:henning.hoelder@themarket.ch">Henning Hölder</a> ✉</span>    <span class="metainfo__item metainfo__item--date"><time datetime="2023-06-19T16:10:44.494Z"> 19.06.2023, 18.10 Uhr </time> </span></div> <div class="headline__meta-extra"><div class="actionbar actionbar--header"> <div class="popover__placeholder"><div></div> <div class="popover popover--header hidden"><div class="popover__container popover--header"><button class="button popover__close"><svg version="1.1" viewBox="0 0 14 14" class="button popover__close-icon svg-icon svg-fill" style="width:12px;height:12px;"><path stroke="#000000" fill="none" pid="0" d="M1 1l12 12M1 13L13 1" _stroke="#000"/></svg></button> <div class="popover__content"><div class="popover__title">Neue Vorlese-Stimmen</div> <div class="popover__desc">Eine verbesserte Vorlesefunktion steht zur Verfügung. 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Als Sartorius im April das <a target="_blank" rel="nofollow" href="https://www.sartorius.com/download/1416234/ir-sag-qm-q-2023-de-data.pdf">Zahlenset</a> für das erste Quartal vorlegte und den Markt mit einer drastischen Verfehlung der Konsensschätzungen schockte, musste CEO Joachim Kreuzburg an der Telefonkonferenz eine Frage wieder und wieder beantworten: Wie begründet er seine Zuversicht, trotz der miserablen Erstquartalszahlen an der Jahresprognose festzuhalten?</p><p data-team-paragraph="" id="id-doc-1h3a41mi00" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Frage war berechtigt: Mit 272 Mio. € fiel der Gewinn (Ebitda) in den ersten drei Monaten um 20% geringer aus als von Analysten prognostiziert. Der Umsatz von rund 900 Mio. € verfehlte die Erwartungen um rund 13%. Die restlichen neun Monate müssten also um einiges besser werden.</p><p data-team-paragraph="" id="id-doc-1h3a41mi10" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Zur Überraschung vieler wurde Kreuzberg damals allerdings nicht müde, die Jahresvorgaben zu verteidigen. Er gehe davon aus, dass die Normalisierungseffekte nach dem zwischenzeitlichen Coronaboom im zweiten Halbjahr keine Rolle mehr spielen würden, erklärte er. Heute, rund zwei Monate später, stellt sich diese Einschätzung als zu optimistisch heraus.</p><p data-team-paragraph="" id="id-doc-1h3a41mi11" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Auch ich habe <a target="_blank" href="https://themarket.ch/analyse/sartorius-aktie-der-ehemalige-deutschen-boersenliebling-ist-guenstig-wie-nie-ld.8957">vor einigen Wochen</a> auf die exzellente Positionierung von Sartorius als Pharma- und Laborzulieferer hingewiesen. Das Unternehmen ist bestens aufgestellt, um von der langfristig wachsenden Anzahl biopharmazeutischer Produkte überproportional zu profitieren. Auch habe ich betont, dass auf kurze Sicht die Frage zentral ist, ob Sartorius die Jahresprognose aufrechterhalten kann.</p><h2 data-team-subtitle="" id="id-doc-1h3a42q5k0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Gewinnwarnung lässt Aktie einbrechen</span></h2><p data-team-paragraph="" id="id-doc-1h3a41mi30" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Seit Freitagabend wissen wir: Das Unternehmen kann es nicht. Nach Börsenschluss schockte das Management den Markt erneut – diesmal mit einer <a target="_blank" rel="nofollow" href="https://www.sartorius.com/en/company/newsroom/corporate-news/sartorius-lowers-forecast-for-2023-1443668#clickedSearchResult=search-result-1443668&clickedSearchResultOffset=471.1953125">Ad-hoc-Meldung</a>. Statt ein leichtes Umsatzwachstum erwartet die Führungsetage nun einen Rückgang von 10 bis 15%. Da das Geschäft von Sartorius von Skaleneffekten profitiert, wird auch die Gewinnmarge auf Stufe Ebitda tiefer liegen. Neu rechnet man mit rund 30%, zuvor wurde ein Wert auf Vorjahresniveau (33,8%) angepeilt.</p><p data-team-paragraph="" id="id-doc-1h3a41mi31" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Als Grund wird in erster Linie angeführt, dass Kunden in der Pharmaindustrie ihre in der Coronapandemie massiv aufgebauten Lagerbestände noch immer abbauen und sich darüber hinaus mit Bestellungen zurückhalten würden. Wegen der Pandemie boomte in den Jahren 2020 und 2021 der Absatz von Laborkomponenten. Vorübergehend hatte sich ein irrationaler Hype um die Aktien entwickelt, der den Kurs auf fast 800 € in die Höhe trieb.</p><div id="id-doc-1h3a436qs0" content="" pagetype="Article" componenttype="idms-article" is-new-line-child="true" class="articlecomponent idms nzzinteraction"> <iframe style="border:0;width:100%" class="market-iframe" allowfullscreen="false" src="https://boerse.themarket.ch/widgets/instrument/346909-1573-814#market-widget-doc-1h3a436qs0" id="market-widget-doc-1h3a436qs0"> </iframe> </div><p data-team-paragraph="" id="id-doc-1h3a41mi40" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Ausserdem führte das Management eine konservativere Ausgabenpolitik der Kunden ins Feld sowie eine anhaltende Schwäche in China aufgrund des zunehmend nationalistischen Ansatzes bei der Beschaffung in dieser Region.</p><p data-team-paragraph="" id="id-doc-1h3a41mi50" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Obwohl die Gewinnwarnung nicht aus heiterem Himmel kommt, überrascht sie dennoch in ihrer Deutlichkeit. Die Aktie verlor am Montag um bis zu 16% auf 247.50 €. Zwar haben die Titel mit einem Plus von knapp 17% seit dem Tief vom Mai zuletzt etwas an Boden gutgemacht, gleichwohl fiel der Kurs zu Wochenbeginn auf ein neues Dreijahrestief. Auch andere Laborzulieferer wie Tecan oder die deutsche Merck KGaA verloren am Montag zwischen 5 und 6%.</p><p data-team-paragraph="" id="id-doc-1h3a41mi60" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Gemäss Berechnungen von Berenberg implizieren die neuen Zielvorgaben für das laufende Jahr einen 25% tieferen Betriebsgewinn (Ebitda) als von Sartorius angepeilt. Die Analysten schätzen darüber hinaus, dass damit auch die bereits gesenkten Konsenserwartungen der Analysten beim Ebitda um 15-20% unterboten wurden. Vor diesem Hintergrund überrascht die deutliche Marktreaktion kaum.</p><h2 data-team-subtitle="" id="id-doc-1h3a41qds0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Anlegern stellt sich die gleiche Frage</span></h2><p data-team-paragraph="" id="id-doc-1h3a41mi70" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Positiv ist, dass das Management an seinen Mittelfristzielen bis 2025 festhält. Die aktuelle Nachfragesituation nach der Pandemie sehe man als eine Phase an, welche die grundlegenden Wachstumstreiber in den Märkten Life Science und Biopharma nur temporär überlagere. So soll der Umsatz bis 2025 weiterhin von zuletzt 4,2 Mrd. € (2022) auf etwa 5,5 Mrd. € steigen. Die Ebitda-Marge soll bei 34% liegen.</p><p data-team-paragraph="" id="id-doc-1h3a41mi71" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Anlegern, die einen Einstieg in die Aktie erwägen, stellt sich damit praktisch die gleiche Frage wie nach den enttäuschenden Erstquartalszahlen. Soll man auf den Optimismus des Managements vertrauen?</p><p data-team-paragraph="" id="id-doc-1h3a4l3ft1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Vor zwei Monaten hatte ich vorsichtigen Anlegern empfohlen, abzuwarten, ob das Management an der Halbjahrespräsentation am 21. Juli die Jahresprognose bekräftigt. Risikoaffine Anleger, die auf eine positive Überraschung spekulieren wollten, könnten jedoch bereits einen Einstieg erwägen, so meine Empfehlung damals.</p><p data-team-paragraph="" id="id-doc-1h3a41mi80" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Heute lautet mein Rat ähnlich. Langfristig hat sich nichts an meiner <a href="https://themarket.ch/analyse/sartorius-aktie-der-ehemalige-deutschen-boersenliebling-ist-guenstig-wie-nie-ld.8957">positiven Einschätzung</a> zum Unternehmen geändert. Die soliden Fundamentaldaten der Branche sprechen für Sartorius. Experten gehen für den Markt von Biopharmazeutika für die nächste Dekade von einem durchschnittlichen jährlichen Wachstum (CAGR) von rund 12% aus. Verantwortlich dafür sind eine alternde und gesundheitlich schwächer werdende Weltbevölkerung, die Lockerung regulatorischer Hürden sowie steigende Investitionen, vor allem in der Onkologie.</p><p data-team-paragraph="" id="id-doc-1h3a41mi90" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Deutschen sind mit ihrem breiten Produktportfolio bestens aufgestellt, um von diesen strukturellen Trends zu profitieren. Zudem wird der Markt von wenigen grossen Playern wie Merck, Thermo Fisher, Danaher und eben Sartorius beherrscht. Wegen der hohen Markteintrittsbarrieren sowie der hohen Wechselkosten für Kunden dürfte sich an diesen oligopolistischen Strukturen kaum etwas ändern.</p><h2 data-team-subtitle="" id="id-doc-1h3a42i2h0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Fehlende Visibilität als Malus</span></h2><p data-team-paragraph="" id="id-doc-1h3a41mia0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Kurzfristig hat der Investment Case jedoch einen grossen Malus, der wie Blei auf dem Aktienkurs lastet: die fehlende Visibilität. Dass das Management an seinen Mittelfristzielen festhält, impliziert, dass es von einer baldigen Erholung ausgeht. Wann diese eintreten wird, ist derzeit aber kaum abschätzbar. Wenn man das Jahr 2023 als Übergangsjahr betrachtet, erscheint mir eine Rückkehr zum Wachstum im Laufe des nächsten Jahres zwar nicht abwegig, ebensowenig dass Sartorius die Mittelfristziele erreichen kann.</p><p data-team-paragraph="" id="id-doc-1h3a41mia1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dennoch ist es mit der Gewinnwarnung wahrscheinlicher geworden, dass der Markt die Erholung erst schwarz auf weiss in den Zahlen sehen will, bevor er wieder Gefallen an der Aktie findet. Damit wird aus Sartorius ein echter Contrarian-Kandidat. </p><p data-team-paragraph="" id="id-doc-1h3a41mib0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Sartorius muss also liefern. Dass dies dem Laborausrüster früher oder später gelingen wird, davon bin ich überzeugt. Sobald eine Trendwende ersichtlich ist, dürften sich die langfristig äusserst positiven Aussichten rasch im Aktienkurs spiegeln. Bis dahin ist Geduld gefragt.</p><p data-team-paragraph="" id="id-doc-1h3a41mic0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Freundlich grüsst im Namen von Mr Market</p><p data-team-paragraph="" id="id-doc-1h3a41mic1" content="" pagetype="Article" componenttype="p" data-vars-danzz-last-article-element="true" is-new-line-child="true" class="articlecomponent text nzzinteraction">Henning Hölder</p><div id="id-doc-1h3a407bo2" content="" pagetype="Article" componenttype="sharebox" is-new-line-child="true" class="nzzinteraction"><div class="sharebox"><div class="sharebox__line"></div> <ul class="sharebox__content"><li class="sharebox__item sharebox__item--bookmark"></li> <li class="sharebox__item sharebox__item--print"><a href="" aria-current="page" title="Drucken" class="sharebox__link nuxt-link-exact-active nuxt-link-active"><svg version="1.1" viewBox="0 0 18 16" class="sharebox__icon sharebox__icon--print svg-print 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data-team-more-to-subject class="widget--articlelist-a"><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_8957" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/sartorius-aktie-der-ehemalige-deutschen-boersenliebling-ist-guenstig-wie-nie-ld.8957" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Von Analysten geschätzter Gewinn je Aktie (blau), tatsächlicher Gewinn je Aktie (rot). (Quelle: Bloomberg Terminal (Screenshot))" src="https://img.themarket.ch/2023/05/10/de7ccd67-7936-42e2-9eee-3de0e7ac40ce.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=2360,1770,x0,y235" loading="eager" srcset="https://img.themarket.ch/2023/05/10/de7ccd67-7936-42e2-9eee-3de0e7ac40ce.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=2360,1770,x0,y235 160w, https://img.themarket.ch/2023/05/10/de7ccd67-7936-42e2-9eee-3de0e7ac40ce.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=2360,1770,x0,y235 320w, https://img.themarket.ch/2023/05/10/de7ccd67-7936-42e2-9eee-3de0e7ac40ce.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=2360,1770,x0,y235 120w, https://img.themarket.ch/2023/05/10/de7ccd67-7936-42e2-9eee-3de0e7ac40ce.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=2360,1770,x0,y235 240w" width="2360" height="1770" class="image-placeholder__image poster__image">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/sartorius-aktie-der-ehemalige-deutschen-boersenliebling-ist-guenstig-wie-nie-ld.8957" data-nzz-referrer="articleTeaser" ordinal-number="1" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--0">  <span class="teaser__title-name">Sartorius-Aktie: Der ehemalige deutsche Börsenliebling ist günstig wie nie</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Stimmung um den deutschen Laborausrüster könnte kaum schlechter sein. Dabei sind die Wachstumsaussichten weiterhin gut. Aus Contrarian-Sicht bietet sich die Chance, günstig in einen Qualitätstitel einzusteigen.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Henning Hölder ✉</span> <time class="metainfo__item metainfo__item--date">11.05.2023</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_6796" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/diese-fuenf-gefallenen-boersen-champions-aus-deutschland-werden-wieder-interessant-ld.6796" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Diese gefallenen deutschen Börsen-Champions sind wieder interessant" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2022/06/03/541bcd03-feb0-4514-9530-130e7ef9b473.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=3024,2268,x0,y745 160w, https://img.themarket.ch/2022/06/03/541bcd03-feb0-4514-9530-130e7ef9b473.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=3024,2268,x0,y745 320w, https://img.themarket.ch/2022/06/03/541bcd03-feb0-4514-9530-130e7ef9b473.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=3024,2268,x0,y745 120w, https://img.themarket.ch/2022/06/03/541bcd03-feb0-4514-9530-130e7ef9b473.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3024,2268,x0,y745 240w" width="3024" height="2268" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/diese-fuenf-gefallenen-boersen-champions-aus-deutschland-werden-wieder-interessant-ld.6796" data-nzz-referrer="articleTeaser" ordinal-number="2" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--1">  <span class="teaser__title-name">Diese gefallenen deutschen Börsen-Champions sind wieder interessant</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Nicht nur in der Schweiz, auch in Deutschland sind viele ehemalige Börsenlieblinge im Zuge der Marktturbulenzen stark zurückgekommen.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Henning Hölder ✉</span> <time class="metainfo__item metainfo__item--date">07.06.2022</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_5267" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/laborausruester-sind-die-wahren-gewinner-des-biologie-booms-ld.5267" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Laborausrüster sind die wahren Gewinner des Biologie-Booms" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2021/10/22/428b7f72-c5b4-4644-9a68-5a7ea3d936d4.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=4352,3264,x417,y0 160w, https://img.themarket.ch/2021/10/22/428b7f72-c5b4-4644-9a68-5a7ea3d936d4.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=4352,3264,x417,y0 320w, https://img.themarket.ch/2021/10/22/428b7f72-c5b4-4644-9a68-5a7ea3d936d4.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=4352,3264,x417,y0 120w, https://img.themarket.ch/2021/10/22/428b7f72-c5b4-4644-9a68-5a7ea3d936d4.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=4352,3264,x417,y0 240w" width="4352" height="3264" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/laborausruester-sind-die-wahren-gewinner-des-biologie-booms-ld.5267" data-nzz-referrer="articleTeaser" ordinal-number="3" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--2">  <span class="teaser__title-name">Laborausrüster sind die wahren Gewinner des Biologie-Booms</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Branche überzeugt durch stabiles strukturelles Wachstum und hohe Markteintrittshürden. Das macht Unternehmen wie Thermo Fisher Scientific, Danaher, Agilent und Sartorius Stedim Biotech zu einem lukrativen Investment.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Michael Griesdorf</span> <time class="metainfo__item metainfo__item--date">25.10.2021</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article></div></div></div></section></section> <div class="cve articlepromobox"></div>   </div></div></div> <div id="footer" class="footer"> <div class="footer__section"><h2 class="footer__section--title"> </h2> <ul class="footer__section--list"><li class="footer__item"><a href="https://abo.themarket.ch/kontakt/" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Abo-Service </a></li><li class="footer__item"><a href="/agb" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> AGB/Datenschutz </a></li><li class="footer__item"><a href="/impressum" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Impressum </a></li><li class="footer__item"><a href="https://themarket.ch/feedback" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Feedback </a></li></ul></div> <div class="footer__print"> Copyright © The Market Media AG. 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Als Sartorius im April das \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.sartorius.com\u002Fdownload\u002F1416234\u002Fir-sag-qm-q-2023-de-data.pdf\"\u003EZahlenset\u003C\u002Fa\u003E für das erste Quartal vorlegte und den Markt mit einer drastischen Verfehlung der Konsensschätzungen schockte, musste CEO Joachim Kreuzburg an der Telefonkonferenz eine Frage wieder und wieder beantworten: Wie begründet er seine Zuversicht, trotz der miserablen Erstquartalszahlen an der Jahresprognose festzuhalten?"},component:g,paidContent:c,prevElement:aw,nextElement:d},{identifier:d,id:"doc-1h3a41mi00",content:{text:"Die Frage war berechtigt: Mit 272 Mio. € fiel der Gewinn (Ebitda) in den ersten drei Monaten um 20% geringer aus als von Analysten prognostiziert. Der Umsatz von rund 900 Mio. € verfehlte die Erwartungen um rund 13%. Die restlichen neun Monate müssten also um einiges besser werden."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mi10",content:{text:"Zur Überraschung vieler wurde Kreuzberg damals allerdings nicht müde, die Jahresvorgaben zu verteidigen. Er gehe davon aus, dass die Normalisierungseffekte nach dem zwischenzeitlichen Coronaboom im zweiten Halbjahr keine Rolle mehr spielen würden, erklärte er. Heute, rund zwei Monate später, stellt sich diese Einschätzung als zu optimistisch heraus."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mi11",content:{text:"Auch ich habe \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fsartorius-aktie-der-ehemalige-deutschen-boersenliebling-ist-guenstig-wie-nie-ld.8957\"\u003Evor einigen Wochen\u003C\u002Fa\u003E auf die exzellente Positionierung von Sartorius als Pharma- und Laborzulieferer hingewiesen. Das Unternehmen ist bestens aufgestellt, um von der langfristig wachsenden Anzahl biopharmazeutischer Produkte überproportional zu profitieren. Auch habe ich betont, dass auf kurze Sicht die Frage zentral ist, ob Sartorius die Jahresprognose aufrechterhalten kann."},component:g,paidContent:c,prevElement:d,nextElement:n},{identifier:n,id:"doc-1h3a42q5k0",content:{title:"Gewinnwarnung lässt Aktie einbrechen",id:"subtitle-gewinnwarnung-l-sst-aktie-einbrechen"},component:ax,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mi30",content:{text:"Seit Freitagabend wissen wir: Das Unternehmen kann es nicht. Nach Börsenschluss schockte das Management den Markt erneut – diesmal mit einer \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fwww.sartorius.com\u002Fen\u002Fcompany\u002Fnewsroom\u002Fcorporate-news\u002Fsartorius-lowers-forecast-for-2023-1443668#clickedSearchResult=search-result-1443668&clickedSearchResultOffset=471.1953125\"\u003EAd-hoc-Meldung\u003C\u002Fa\u003E. Statt ein leichtes Umsatzwachstum erwartet die Führungsetage nun einen Rückgang von 10 bis 15%. Da das Geschäft von Sartorius von Skaleneffekten profitiert, wird auch die Gewinnmarge auf Stufe Ebitda tiefer liegen. Neu rechnet man mit rund 30%, zuvor wurde ein Wert auf Vorjahresniveau (33,8%) angepeilt."},component:g,paidContent:c,prevElement:n,nextElement:d},{identifier:d,id:"doc-1h3a41mi31",content:{text:"Als Grund wird in erster Linie angeführt, dass Kunden in der Pharmaindustrie ihre in der Coronapandemie massiv aufgebauten Lagerbestände noch immer abbauen und sich darüber hinaus mit Bestellungen zurückhalten würden. Wegen der Pandemie boomte in den Jahren 2020 und 2021 der Absatz von Laborkomponenten. Vorübergehend hatte sich ein irrationaler Hype um die Aktien entwickelt, der den Kurs auf fast 800 € in die Höhe trieb."},component:g,paidContent:c,prevElement:d,nextElement:ay},{identifier:ay,id:"doc-1h3a436qs0",content:{idms:{service:"idms",params:{url:"https%3A%2F%2Fboerse.themarket.ch%2Fwidgets%2Finstrument%2F346909-1573-814"}}},component:"idms-article",paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mi40",content:{text:"Ausserdem führte das Management eine konservativere Ausgabenpolitik der Kunden ins Feld sowie eine anhaltende Schwäche in China aufgrund des zunehmend nationalistischen Ansatzes bei der Beschaffung in dieser Region."},component:g,paidContent:c,prevElement:ay,nextElement:d},{identifier:d,id:"doc-1h3a41mi50",content:{text:"Obwohl die Gewinnwarnung nicht aus heiterem Himmel kommt, überrascht sie dennoch in ihrer Deutlichkeit. Die Aktie verlor am Montag um bis zu 16% auf 247.50 €. Zwar haben die Titel mit einem Plus von knapp 17% seit dem Tief vom Mai zuletzt etwas an Boden gutgemacht, gleichwohl fiel der Kurs zu Wochenbeginn auf ein neues Dreijahrestief. Auch andere Laborzulieferer wie Tecan oder die deutsche Merck KGaA verloren am Montag zwischen 5 und 6%."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mi60",content:{text:"Gemäss Berechnungen von Berenberg implizieren die neuen Zielvorgaben für das laufende Jahr einen 25% tieferen Betriebsgewinn (Ebitda) als von Sartorius angepeilt. Die Analysten schätzen darüber hinaus, dass damit auch die bereits gesenkten Konsenserwartungen der Analysten beim Ebitda um 15-20% unterboten wurden. Vor diesem Hintergrund überrascht die deutliche Marktreaktion kaum."},component:g,paidContent:c,prevElement:d,nextElement:n},{identifier:n,id:"doc-1h3a41qds0",content:{title:"Anlegern stellt sich die gleiche Frage",id:"subtitle-anlegern-stellt-sich-die-gleiche-frage"},component:ax,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mi70",content:{text:"Positiv ist, dass das Management an seinen Mittelfristzielen bis 2025 festhält. Die aktuelle Nachfragesituation nach der Pandemie sehe man als eine Phase an, welche die grundlegenden Wachstumstreiber in den Märkten Life Science und Biopharma nur temporär überlagere. So soll der Umsatz bis 2025 weiterhin von zuletzt 4,2 Mrd. € (2022) auf etwa 5,5 Mrd. € steigen. Die Ebitda-Marge soll bei 34% liegen."},component:g,paidContent:c,prevElement:n,nextElement:d},{identifier:d,id:"doc-1h3a41mi71",content:{text:"Anlegern, die einen Einstieg in die Aktie erwägen, stellt sich damit praktisch die gleiche Frage wie nach den enttäuschenden Erstquartalszahlen. Soll man auf den Optimismus des Managements vertrauen?"},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a4l3ft1",content:{text:"Vor zwei Monaten hatte ich vorsichtigen Anlegern empfohlen, abzuwarten, ob das Management an der Halbjahrespräsentation am 21. Juli die Jahresprognose bekräftigt. Risikoaffine Anleger, die auf eine positive Überraschung spekulieren wollten, könnten jedoch bereits einen Einstieg erwägen, so meine Empfehlung damals."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mi80",content:{text:"Heute lautet mein Rat ähnlich. Langfristig hat sich nichts an meiner \u003Ca href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fsartorius-aktie-der-ehemalige-deutschen-boersenliebling-ist-guenstig-wie-nie-ld.8957\"\u003Epositiven Einschätzung\u003C\u002Fa\u003E zum Unternehmen geändert. Die soliden Fundamentaldaten der Branche sprechen für Sartorius. Experten gehen für den Markt von Biopharmazeutika für die nächste Dekade von einem durchschnittlichen jährlichen Wachstum (CAGR) von rund 12% aus. Verantwortlich dafür sind eine alternde und gesundheitlich schwächer werdende Weltbevölkerung, die Lockerung regulatorischer Hürden sowie steigende Investitionen, vor allem in der Onkologie."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mi90",content:{text:"Die Deutschen sind mit ihrem breiten Produktportfolio bestens aufgestellt, um von diesen strukturellen Trends zu profitieren. Zudem wird der Markt von wenigen grossen Playern wie Merck, Thermo Fisher, Danaher und eben Sartorius beherrscht. Wegen der hohen Markteintrittsbarrieren sowie der hohen Wechselkosten für Kunden dürfte sich an diesen oligopolistischen Strukturen kaum etwas ändern."},component:g,paidContent:c,prevElement:d,nextElement:n},{identifier:n,id:"doc-1h3a42i2h0",content:{title:"Fehlende Visibilität als Malus",id:"subtitle-fehlende-visibilit-t-als-malus"},component:ax,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mia0",content:{text:"Kurzfristig hat der Investment Case jedoch einen grossen Malus, der wie Blei auf dem Aktienkurs lastet: die fehlende Visibilität. Dass das Management an seinen Mittelfristzielen festhält, impliziert, dass es von einer baldigen Erholung ausgeht. Wann diese eintreten wird, ist derzeit aber kaum abschätzbar. Wenn man das Jahr 2023 als Übergangsjahr betrachtet, erscheint mir eine Rückkehr zum Wachstum im Laufe des nächsten Jahres zwar nicht abwegig, ebensowenig dass Sartorius die Mittelfristziele erreichen kann."},component:g,paidContent:c,prevElement:n,nextElement:d},{identifier:d,id:"doc-1h3a41mia1",content:{text:"Dennoch ist es mit der Gewinnwarnung wahrscheinlicher geworden, dass der Markt die Erholung erst schwarz auf weiss in den Zahlen sehen will, bevor er wieder Gefallen an der Aktie findet. Damit wird aus Sartorius ein echter Contrarian-Kandidat. "},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mib0",content:{text:"Sartorius muss also liefern. Dass dies dem Laborausrüster früher oder später gelingen wird, davon bin ich überzeugt. Sobald eine Trendwende ersichtlich ist, dürften sich die langfristig äusserst positiven Aussichten rasch im Aktienkurs spiegeln. Bis dahin ist Geduld gefragt."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mic0",content:{text:"Freundlich grüsst im Namen von Mr Market"},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h3a41mic1",content:{text:"Henning Hölder"},component:g,paidContent:c,prevElement:d,nextElement:az,lastContentElement:c},{identifier:az,id:"doc-1h3a407bo2",component:"sharebox",paidContent:c,prevElement:d,nextElement:ba},{identifier:ba,id:"doc-1h3a407bo3",containers:{"moreToSubject-area":[{identifier:aA,id:"doc-1h3a4pr760",content:{"link-box-embed":{service:aB,params:{type:aC,layout:[k,aD,aE,aF,aG,aH,K,L,M,N,aI,O,P,Q,R,S],mediaId:8957}},article:{metadata:{teaserAuthor:bb,contentTypeGroup:w,flag:l,significantUpdate:b,language:{groupId:"rNuPcDdaMgnw",label:T,locale:o},title:"Sartorius-Aktie: Der ehemalige deutsche Börsenliebling ist günstig wie nie",seoTitle:"Sartorius-Aktie: Der ehemalige Börsenliebling ist günstig wie 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Auch wenn die Erholung auf sich warten lässt, ist das Unternehmen gut aufgestellt, um von langfristigen Wachstumstrends zu profitieren.","image\u002Fjpeg","https:\u002F\u002Fthemarket.ch\u002Fmister-market\u002Ffehlende-visibilitaet-sartorius-wird-zu-einem-contrarian-kandidaten-ld.9183",void 0,"nzzas","preload","longformvisual","longformstandard","briefing","briefing-intl","opinion","advertisement-regular","advertisement-longformvisual","advertisement-gallery","advertisement-video","German","16:9",1.77778,"1:1","4:3",1.33333,3264,2000,"The Market","main","Empfehlungen","\u002Fempfehlungen","Unternehmen","\u002Funternehmen","Strategie","\u002Fstrategie","Meinung","\u002Fmeinung","Interview","\u002Finterview","English","\u002Fenglish","\u002Fagb","Impressum","\u002Fimpressum","https:\u002F\u002Fabo.themarket.ch\u002Fkampagne\u002F?lp=19003844","48","anonymous","font\u002Fwoff2","font","judi.barrier","judi.advertisement","subtitle","judi.idms-article","judi.sharebox","judi.moreToSubject--internal","embed-teaser","link-box-embed","gallery","video","fullwidth","alias-teaser","matchcard-teaser","recipe","Henning Hölder (hoe)",6573,"resrc.it","moreToSubject--internal","2022-06-06T23:44:09.193Z",3024,"2021-10-25T02:10:15.014Z","2023-06-19T16:10:44.494Z","2023-09-27T14:25:52.000Z","classification=default,language=de-CH","themarket","https:\u002F\u002Fthemarket.ch","Article","The Market abonnieren","Startseite","\u002F","\u003Cp\u003EEs ist ein Fehler aufgetreten. Bitte prüfen Sie Ihre Internetverbindung oder versuchen Sie es später erneut.\u003C\u002Fp\u003E","bellevue","judi.header","judi.moreToSubject","Quelle: Bloomberg Terminal (Screenshot)","hoe","2023-05-11T03:30:32.798Z","Die Stimmung um den deutschen Laborausrüster könnte kaum schlechter sein. Dabei sind die Wachstumsaussichten weiterhin gut. Aus Contrarian-Sicht bietet sich die Chance, günstig in einen Qualitätstitel einzusteigen.",2360,1991,"ld.8957","Von Analysten geschätzter Gewinn je Aktie (blau), tatsächlicher Gewinn je Aktie (rot).","Nicht nur in der Schweiz, auch in Deutschland sind viele ehemalige Börsenlieblinge im Zuge der Marktturbulenzen stark zurückgekommen.","ld.6796",2389,"Die Branche überzeugt durch stabiles strukturelles Wachstum und hohe Markteintrittshürden. Das macht Unternehmen wie Thermo Fisher Scientific, Danaher, Agilent und Sartorius Stedim Biotech zu einem lukrativen Investment.",4896,899,"ld.5267",{},"346909-1573-814",{},3000,"CH","MKT",100,{},"Sartorius wird zu einem Contrarian-Kandidaten,Mr Market,Mr Market, Finanznachrichten, The Market","2023-09-27T18:25:52+02:00","2023-06-19T20:10:44+02:00",{},"redaktion@themarket.ch","2024 The Market Media AG, Schweiz","index, follow, noarchive, noodp, max-snippet:-1, max-image-preview:large, max-video-preview:-1",{},Array(0),"de","Sun, 24 Nov 2024 16:13:19 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