Stevanato Group SpA

STVN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Sturdy Switching Costs Support Drug Packaging Supplier Stevanato's Moat; Launch With $21.50 FVE

Aaron Degagne

Feb 8, 2022

We are initiating coverage of Italian drug containment and delivery supplier Stevanato with a $21.50 fair value estimate, a narrow moat rating, and a Standard capital allocation rating. While shares have been volatile since the firm’s IPO in July 2021, with the stock down 35% from highs reached in September, we view shares as fairly priced near recent levels.

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Stevanato Group SpA

Sturdy Switching Costs Support Drug Packaging Supplier Stevanato's Moat; Launch With $21.50 FVE

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