Lonza's Extension of Sales-Growth Guidance Is an Upside -- Market Talk
Lonza's Extension of Sales-Growth Guidance Is an Upside -- Market Talk
1251 GMT - Lonza's prolonging of its sales-growth outlook to 2024 from 2023 at its capital markets day is an upside to most expectations, Jefferies says. The Swiss biotech and chemical company's upgraded growth outlook to "low teens" from double digit was widely anticipated, but the extension to 2024 is a positive, the bank says. Lonza moving back its 33%-35% Ebitda-margin target by a year is reasonable, with the company shifting capital expenditure to focus on higher value creation, the bank says. Management also sees better underlying growth rates for its biologics segment, around 48% of 2020 sales, which is expected to grow by mid-teens 2021-24, from previous guidance of "low double-digit" for 2020-23, Jefferies adds. The bank maintains its buy rating on the stock. Shares rise 1.2% at CHF703.60. (ed.frankl@dowjones.com)
1251GMT-傑富瑞(Jefferies)表示，龍沙在資本市場日將銷售增長預期從2023年延長至2024年，這對大多數預期來説是一個利好。世行表示，外界普遍預期這家瑞士生物技術和化工公司將增長預期從兩位數上調至“十幾歲以下”，但延長至2024年是一個積極因素。該行表示，龍沙將其33%-35%的EBITDA利潤率目標推遲一年是合理的，該公司將資本支出轉移到更高的價值創造上。傑富瑞補充説，管理層還預計其生物製品部門的潛在增長率會更好，約佔2020年銷售額的48%，預計到2021-24年將實現十幾歲左右的增長，而此前2020-23年度的指引為“較低的兩位數”。銀行維持對該股的買入評級。股價上漲1.2%，至703.60瑞士法郎。(ed.frkl@dowjones.com)
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