Sartorius AG
Sartorius Aktiengesellschaft provides bioprocess solutions, and lab products and services worldwide. The company offers analytical solutions, such as biolayer interferometry systems, high-throughput screening by cytometry systems, process analytical technology and data analytics, cell selection and…
Sartorius Aktiengesellschaft provides bioprocess solutions, and lab products and services worldwide. The company offers analytical solutions, such as biolayer interferometry systems, high-throughput screening by cytometry systems, process analytical technology and data analytics, cell selection and retrieval, live-cell imaging and analysis systems, and surface plasmon resonance systems; cell culture solutions, including bioreactors and fermenters, cell culture reagents, supplements and matrices, nucleic acid and delivery solutions, cell culture media, and cell lines and buffers; and fluid management products. It also provides lab filtration and purification solutions, lab water purification systems, microtissue technologies, lab weighing, pipettes, tips and dispensers, microbiological testing solutions, lab data and fleet management software, and OEM solutions; and Process chromatography and filtration solutions. The company serves the life science research, biopharmaceutical manufacturing, cell and gene therapy, and applied industries. The company was founded in 1870 and is headquartered in Göttingen, Germany.Looks overvalued
Other models: EUR 15.67–134.39 (median 42.82). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price above modeled range
Free-cash-flow DCF using TTM through 30 Sep 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 6.88% growth, 2.9% terminal growth, and 10.5% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 6.88%, discount rate 10.50%, terminal growth 2.90% (sector defaults). See a worked example.
Blended growth assumption: 6.9% (sector default 6.8%, own revenue history 0.6%, analyst revenue consensus 10.0%).
5-year outlook: relative outlook of about -0.4% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 10.0% a year; the growth assumption used is 6.9%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — EUR 28.16 (-90.1%)
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EPS-based Gordon proxy
— EUR 42.82 (-84.9%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— EUR 15.67 (-94.5%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— EUR 134.39 (-52.6%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— EUR 332.54 (+17.3%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 7.79 | -3537.2% |
| Base EUR 28.16 | -906.4% |
| Bull EUR 63.60 | -345.6% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At EUR 283.40 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.9%, discount 10.5%).
Compare: the market implies 45.6% a year, this model assumes 6.9%. The market expects more than this model does, which is why it reads as overvalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 8.5% | 9.5% | 10.5% | 11.5% | 12.5% |
|---|---|---|---|---|---|
| 2.9% | 40.21 | 26.05 | 15.61 | 7.60 | 1.26 |
| 4.9% | 48.72 | 33.14 | 21.66 | 12.86 | 5.89 |
| 6.9% | 57.86 | 40.76 | 28.16 | 18.50 | 10.86 |
| 8.9% | 67.68 | 48.93 | 35.13 | 24.54 | 16.18 |
| 10.9% | 78.21 | 57.69 | 42.59 | 31.02 | 21.87 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 74 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue -3.2% a year | 4 / 20 |
| Balance sheet | net debt 3.4x EBITDA | 10 / 20 |
| Margins | EBITDA margin 29% | 20 / 20 |
Peers in Health Care
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| SRT3.DE (this company) | EUR 283.40 | -906.4% | 89.6 | 6.7 | 0.3% | 74 |
| ZEAL.CO Zealand Pharma A/S | DKK 235.70 | 35.7% | 6.1 | 0.9 | – | 72 |
| CI Cigna | USD 301.48 | 28.8% | 12.4 | 1.9 | 2.0% | 70 |
| CVS CVS Health | USD 81.33 | 12.4% | 9.5 | 1.3 | 3.3% | 70 |
| BAVA.CO Bavarian Nordic A/S | DKK 239.80 | 12.4% | 11.8 | 1.4 | – | 92 |
| INCY Incyte | USD 118.01 | 8.8% | 18.4 | 4.6 | – | 100 |
| AMP.MI Amplifon S.p.A. | EUR 11.17 | 8.7% | 41.1 | – | 2.6% | 72 |
| ZBH Zimmer Biomet | USD 106.85 | 0.5% | 26.6 | 1.6 | 0.9% | 90 |
| GSK.L GSK plc | GBP 18.50 | -3.2% | 17.3 | 4.0 | 3.6% | 92 |
| Peer median | 14.9 | 1.6 | ||||
Dividends
Paid in the last 12 months: EUR 0.74 per share · yield 0.26% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.740 |
| 2025 | 0.740 |
| 2024 | 0.740 |
| 2023 | 1.440 |
| 2022 | 1.260 |
| 2021 | 0.710 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:23
| Revenue | EUR 3,664,800,000 |
|---|---|
| EBITDA | EUR 1,080,000,000 |
| EBIT | EUR 652,600,000 |
| Net income | EUR 218,399,999 |
| Free cash flow | EUR 351,700,000 |
| Capital expenditures | EUR 398,900,000 |
| Debt | EUR 3,910,600,000 |
| Cash | EUR 230,700,000 |
| Working capital | EUR 104,500,000 |
| Shares outstanding | 69,052,290 |
| Reported dividends per share | EUR 0.7400 |