Stevanato Group SpA

STVN: XNYS (USA)
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Stevanato's Sturdy Growth Shows No Signs of Slowing as Q2 Exceeds Forecasts; Shares Fairly Valued

Stevanato’s solid second-quarter results gave us increased confidence in our long-term expectations as the narrow-moat firm was able to overcome lower COVID-19 demand to report growth at the upper end of our forecasts. However, this was offset by higher operating costs and a higher share count in our model, and we are leaving our $19.40 fair value estimate intact.

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