Stevanato: Destocking And Valuation Risk (Rating Downgrade) [Seeking Alpha]
Stevanato Group S.p.A. Ordinary Shares (STVN)
Company Research
Source: Seeking Alpha
The company's EBITDA and net profit declined due to start-up costs and an unfavorable exchange rate effect. Stevanato's valuation looks full compared to its peers. We move our rating to neutral. Following the Fiscal Year 2023 results release, we are back to analyze Stevanato Group ( NYSE: STVN ). As a reminder, our team has a buy-rating view supported by Secular Tailwinds In Biologics Demand , 2) a CAPEX plan with an economic moat, and 3) a margin expansion projection. After the Q4 results, we are moving Stevanato Group to a neutral rating. Indeed, the company has already reached our target price set at $31.8 per share, and even if it now trades at a lower level, we believe there are more downside risks than upside potential. In a nutshell, our team is optimistic about long-term demand (Fig 1), but we have an equal weight view on the company, mainly based on late-cycle destocking and a high valuation. Fig 1 Q4 and FY results Before moving forward with our view, reporting th
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STVN
News
- Stevanato Group to Report First Quarter 2024 Financial Results on May 9, 2024Business Wire
- Stevanato Group (STVN) to Report Q1 Results: What You Should Expect [Yahoo! Finance]Yahoo! Finance
- Stevanato Group S.p.A. (NYSE: STVN) had its "equal weight" rating re-affirmed by analysts at Morgan Stanley. They now have a $30.00 price target on the stock.MarketBeat
- Stevanato Group S.p.A. (NYSE: STVN) is now covered by analysts at BNP Paribas. They set an "outperform" rating on the stock.MarketBeat
- Italy's Frugal Pharma Billionaire Eyes Place Among Global Leaders in Drug Injection Devices [BNN Bloomberg (Canada)]BNN Bloomberg
STVN
Earnings
- 3/7/24 - Miss
STVN
Sec Filings
- 3/27/24 - Form 6-K
- 3/26/24 - Form 6-K
- 3/25/24 - Form 6-K
- STVN's page on the SEC website