EU HEALTHCARE: Sartorius (SRTGR: BBB): Q1 25 Sales Update
Improving and reducing debt
• Total Sales €883m +6.5% yoy
• Underlying EBITDA €263m +12.2%; margin 29.8% +1.2pp
• Reported NetDebt/EBITDA 3.9x. This is down from 5.0 YE23 and guiding for 3.5x by YE25 is a positive
• Tariffs: 36% of sales of in the “Americas” but no break-down of where exactly
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LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)
| Date | Time | Country | Event |
| 17-Mar | 900 | IT | Italy Final HICP |
| 17-Mar | 1400 | EU | ECB's Lagarde at University Aix-Marselle |
| 18-Mar | 1000 | EU | Trade Balance |
| 18-Mar | 1000 | DE | ZEW Current Expectations Index |
| 19-Mar | 1000 | EU | HICP (f) |
| 19-Mar | 1200 | EU | ECB de Guindos In Madrid |
| 19-Mar | 1300 | EU | ECB Elderson At European Financials Conference |
| 20-Mar | 700 | DE | PPI |
| 20-Mar | 800 | EU | ECB's Lagarde At ECON Hearing |
| 20-Mar | 1000 | EU | Construction Production |
| 20-Mar | 1200 | EU | ECB's Lane At UCC Economics Society's Conference |
| 21-Mar | 745 | FR | Manufacturing Sentiment |
| 21-Mar | 900 | EU | EZ Current Account |
| 21-Mar | 1500 | EU | Consumer Confidence Indicator (p) |
| 24-Mar | 815 | FR | S&P Global Flash PMI |
| 24-Mar | 830 | DE | S&P Global Flash PMI |
| 24-Mar | 900 | EU | S&P Global Flash PMI |
BUND TECHS: (M5) Trend Needle Points South
- RES 4: 130.40 Low Feb 19
- RES 3: 129.96 High Mar 5
- RES 2: 129.41 Low Jan 14
- RES 1: 128.33/129.27 High Mar 10 / 20-day EMA
- PRICE: 127.27 @ 05:57 GMT Mar 17
- SUP 1: 126.53 Low Mar 11
- SUP 2: 126.28 2.618 proj of the Feb 5 - 19 - 28 price swing
- SUP 3: 126.00 Round number support
- SUP 4: 123.36 3.00 proj of the Feb 5 - 19 - 28 price swing
Bund futures remain in consolidation mode for now. The contract is trading closer to its recent lows and a bearish theme remains intact. A recent impulsive sell-off signals scope for an extension towards 126.28 next, a Fibonacci projection. Further out, 126.00 is also within range. Note that the contract is still in oversold territory, a recovery would allow this condition to unwind. Initial firm resistance to watch is seen at 129.41, the Jan 14 low.
CHINA: Country Wrap: Home Price Declines Continue.
- China will soon release the latest edition of the catalogue of industries encouraged for foreign investment, which will include more items in advanced manufacturing, modern services, high-tech, energy-saving and environmental protection sectors, People’s Daily reported. (source: MNI – Market News)
- The ongoing malaise in the China property sector continued in February with New House prices m/m declining more than expected and Used House prices declining by the same as January. New house prices declined -0.14% (from -0.07% in January). New house prices have declined m/m every month since June 2023. New house prices saw declines in 45 cities, up from 42 in January, with Shanghai again the outperformer, rising +0.20%, whilst Beijing scrapped into the positive up +0.10%. Used home prices declined -0.34% representing a 22nd consecutive m/m decline. Whilst there is likely impact from the Lunar New Year holidays, the data remains sobering for policymakers focused on resurrecting the fortunes for the property sector. (source: MNI – Market News)
- Any expectations for strength in the property sector were quickly diminished with the release of the February Property Development statistics. Declining -9.8% y/y this represented the 32nd consecutive month of declines. New home sales declined -0.4% y/y with the sales area declining -3.4% y/y. (source: MNI – Market News)
- China’s retail sales for February expanded +4.0%, up from +3.8% prior. Retail sales in rural areas jumped significantly with the best performance in three months, despite the Lunar New Year holiday. (source: MNI – Market News)
- The Hang Seng has led the day for China’s key bourses up +1.05% with Shanghai up just +0.17% whilst the CSI 300 is down -0.22% and Shenzhen flat.
- CNY: Yuan Reference Rate at 7.1688 Per USD; Estimate 7.2217
- Bonds: a sizeable sell off in bonds with the CGB 10YR 1.89% (+4bps)
