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The MDAX Gerresheimer Group expects three news: The Düsseldorf-based company acquires the Swiss company Sensile Medical AG, thus expanding its business model [Gerresheimer also claims to have won two major contracts and expects increased growth in the medium term and improvement of profitability. Initially, however, capital expenditures will increase. In the currency-adjusted turnover forecast for 2018, Gerresheimer is now more optimistic and sees the latter in the high range of 1.38 to 1.4 billion euros.
The packaging specialist also announced that the purchase price would rise to a maximum of 350 million euros, depending on the achievement of defined milestones contract. The initial payment put Gerresheimer at 175 million euros. Sensile Medical develops drug delivery products and drug delivery platforms, including digital networks. Sensile Medical is already working successfully with its customers on the development of devices for diabetics and patients with heart disease, Gerresheimer continued.
In addition, Gerresheimer announced two important new orders: one for the manufacture of inhalers and one for pre-refillable syringes for a major manufacturer of heparin. That's why, without Sensile Medical, Gerresheimer will see changes in investment planning, profitability and revenue. The company, specializing in pharmaceutical and cosmetic packaging, expects the higher investments in 2019 and 2020 to provide an additional increase of 2 percentage points up to a maximum of 4 percentage points of sales. neutral. Thus, the capacity of the Horsovsky Tyn plant in the Czech Republic will be expanded. In addition, further automation should be encouraged and also used for a new plant in Eastern Europe.
On the other hand, higher investment expenses lead to expenses. In 2019 and 2020, the charge on the adjusted EBITDA margin is about 1 percentage point (compared to the value of the 2017 fiscal year), explained the Düsseldorfer. This can be attributed to low-margin revenues in the engineering and tooling sector thanks to the significant new contracts won. In addition, Gerresheimer sees an increase in expenses for relocation, employee training and start-up and ramping up of production. For the years 2021 and 2022, Geresheimer also expects, regardless of Sensile Medical, growth above normal growth, as well as adjusted EBITDA margin of 2 percentage points, while investment volume will decline again to 8%. Commenting on the current year, Gerresheimer said he was expecting a "strong second half" and that the forecast for neutral currency sales would be in the upper range of 1.38 to 1. , 4 billion euros.
Unconvincing figures
In addition, the company presented quarterly figures: In the second quarter, the Group experienced much weaker growth than expected. The turnover has gone from 340 million euros to 333 million, as reported in the annual report. However, Gerresheimer said sales, adjusted for foreign exchange and acquisitions as well as disposals, increased 2.1% from the same quarter of the previous year. At least, analysts expected a further 336 million euros.
Adjusted EBITDA is down 6% to 71 million euros, analysts again anticipating 74 million euros more. After the third Gerresheimer won the bottom line only 18.8 million euros after 24.5 million euros in the same period last year. Analysts expected 24 million euros
Stock Market Action
The shares of Gerresheimer on Thursday morning benefited from a slightly more optimistic outlook for the year. Securities increased by about 1% at broker Lang & Schwarz (L & S) compared to Xetra.
FRANKFURT (Dow Jones)
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