산업
Life Science Tools
Life Science Tools 산업의 모든 리포트 — 총 14건.
48/100
Danaher: Orders and Peers Make the Bioprocessing Recovery Underwritable, but 3-4% Core Growth at 23 Times Earnings Leaves No Margin of Safety
Danaher sells recurring bioprocessing, laboratory and diagnostic workflows through specialised operating companies run on the Danaher Business System, with Cytiva consumables, Cepheid cartridges and Beckman reagents supplying most of the profit pool. Second-quarter core growth was 3.0% while more than 100 million USD of chromatography-resin shipments moved into 2027, and goodwill and intangibles reached 74.5% of assets after the 9.8 billion USD Masimo purchase, against acquisition-inclusive ROIC near 6 to 7%. Rating Hold: peer consumables data make the bioprocessing recovery underwritable, but at 23.4 times guided adjusted EPS the price already pays for a conversion Danaher cannot schedule.
42/100
49Buffett
QIAGEN: Sticky Workflow Economics With Takeover Optionality Already in the Price
QIAGEN is a molecular diagnostics and life-science tools company that monetizes an entire lab workflow, from sample prep to assays, automation and bioinformatics, selling to more than 500,000 customers across five growth pillars that target about $1.61 billion of 2026 sales. The recurring consumables model is genuinely sticky, but core organic growth still needs repair while the stock carries takeover optionality after Reuters reported KKR and strategic interest. Rating Hold: at $41.51 the shares sit inside the acceptable-hold band of $39-53, above the ideal buy zone of $30-32, so buyers are paying for both a standalone repair and a deal premium that may not arrive.
45/100
Bio-Rad Laboratories: A Company in Transition, Priced Without a Margin of Safety
Bio-Rad is a diversified life-science tools and clinical-diagnostics supplier whose core operations generated 2.58 billion USD of 2025 sales, complicated by an unusually large Sartorius AG stake that dominates its GAAP earnings. Q1 2026 brought a 527.1 million USD net loss driven by a 727.7 million USD fair-value drop on the Sartorius stake, even as the operating business still produced 108.1 million USD of operating cash flow, and management cut full-year currency-neutral revenue guidance to a range of -3.0% to +0.5%. Rating Hold: durable niche assets and real asset backing, but at 297.09 USD the price already assumes the 2026 slowdown is manageable and leaves no margin of safety.
49/100
Merck KGaA: 전환기의 다각화 과학 플랫폼
Merck KGaA, 다름슈타트는 가족 지배를 받는 독일 과학기술 그룹으로, 2025년 매출 211억 유로는 특허 노출이 있는 Healthcare, 질 높은 Life Science 도구 프랜차이즈, 반도체 소재 중심의 Electronics라는 서로 다른 세 엔진에서 나온다. 2026년 주가는 줄다리기 국면이다. Mavenclad의 알려진 미국 특허 절벽이 Healthcare를 끌어내리는 반면 Process Solutions는 유기적으로 10% 안팎 성장하고 Electronics는 첨단 노드 AI 수요를 타며, 5월 반등 후 주가는 133.05유로, 2025년 EPS pre의 약 15.9배와 3.5% 잉여현금흐름 수익률 부근에 있다. 보유: 실제로 강한 Life Science와 반도체 소재 엔진이 신뢰가 훼손된 Healthcare를 상쇄하지만, 영구적인 KGaA 지배구조 할인과 공정한 수준에 그치는 밸류에이션이 상승 여력을 제한한다.
51/100
Sartorius AG: 이미 가격에 반영된 고품질 바이오프로세스 회복
Sartorius AG는 독일 생명과학 도구 기업으로, 가치는 대부분 과반 지분을 보유한 바이오프로세스 프랜차이즈 Sartorius Stedim Biotech에 좌우되며 유동성이 있는 거래 대상은 무의결권 우선주 SRT3다. 팬데믹 특수와 재고 조정 충격 이후 2025년 매출은 7.6% 증가한 약 EUR 35.4억으로 회복했고, 기초 EBITDA 마진은 29.7%로 돌아왔으며 레버리지는 3.96x에서 3.55x로 낮아졌지만, 약 EUR 37.4억의 순부채와 여전히 프리미엄 수준인 후행 EBITDA 18x는 안전마진을 크게 남기지 않는다. 투자의견 보유: 프랜차이즈와 회복은 모두 실재하지만, 시장은 이미 정상화를 반영하고 있으며 현재 EUR 217.10 가격은 본 보고서의 이상적 매수 구간보다 높다.
42/100
10x Genomics 심층 리서치
10x Genomics는 설치된 장비가 고마진 소모품의 반복 구매를 견인하는 단일세포 및 공간 오믹스 플랫폼 기업이며, 소모품은 오랫동안 매출의 약 84%에서 86%를 차지해 왔다. Chromium 성장세가 둔화되는 가운데 다음 성장 승계는 2026년 4월 출시된 Atera에 달려 있지만, 회사는 여전히 적자 상태이고 매출의 약 40%에서 50%가 학술 및 정부 연구자금에 의존한다. 리서치 등급: 보유. 현재 가격 USD 28.84에서 주식은 12개월 선행 EV/Sales 약 5.1x에 거래되어 합리적이지만 안전마진은 부족하다.
41/100
Bruker Zen Horizon Research: A Hidden Champion in Scientific Instruments, but Organic Growth Is Receding and Valuation Has Priced In the Recovery
Bruker is a hidden global champion in high-end scientific analytical instruments, with a near-oligopoly position in NMR. Organic growth has turned negative for consecutive periods, reported growth is being held up by acquisitions and FX, GAAP earnings have swung to a loss, and the profit recovery depends heavily on cost execution after a roughly 70% one-month surge left the current price of $59.97 above the average sell-side target by 16% and forward PE at about 27-28x near the top of peers. Research rating Watch: a high-quality moat business that needs either a confirmed organic inflection or a pullback toward roughly $48 to restore margin of safety.
27/100
Bio-Techne Corporation: A Deep Value Investing Study
A high-quality life-science tools company trading at a rich price. At $51.68 the stock carries a trailing P/E of roughly 74.9x while three-year revenue has compounded at only 3.3%, so the margin of safety is thin. Rating Watch: ideal entry sits at $28-35, with the roughly $1 billion Wilson Wolf follow-on acquisition as the key risk to monitor.
43/100
Revvity In-Depth Value Investment Research
Revvity is a life sciences and diagnostics tools company with understandable businesses and acceptable cash generation. The core thesis is that its recurring revenue mix and focused portfolio are attractive, but its moat and capital returns are not strong enough to offset low-single-digit GAAP ROIC, $6.6 billion of goodwill, and a share price already near the low end of the optimistic case. Research rating Watch: a quality business with insufficient margin of safety at the current price, with a fair buy range of $50 to $65.
45/100
90Buffett
Mettler-Toledo International Inc.: A Value Investing Deep Dive
A global leader in precision instruments and services with excellent quality, but at roughly $1,161 the stock trades at about 27x P/E and about 28x conservative owner earnings, already close to the optimistic scenario, so the rating is Watch; the ideal buy range is $800-950; the main risks are competition in China and emerging markets, tariff erosion of gross margin, and buybacks at high valuations.
46/100
Long-Term Research on Waters' Laboratory Analytics and Diagnostic Tools
Waters sells liquid chromatography, mass spectrometry, thermal analysis, software, consumables, and services, and after acquiring BD Biosciences it has become a life-sciences and diagnostics platform. At $342, the stock is already close to the optimistic valuation band, while the ideal buy range is $200-240. Rating Watch: a high-quality business, but current pricing leaves too little margin of safety before integration and cash-flow proof improve.
48/100
Danaher Research from a Long-Term Owner's Perspective
Danaher is a platform spanning bioprocessing, life sciences, and diagnostics, with 2025 revenue of $24.668 billion, free cash flow of roughly $5.29 billion, and recurring revenue at 82%. At the current share price of $172, the stock trades at about 23x FCF, which places it in a fair-value band without enough margin of safety. Rating Watch: a durable compounder worth studying and holding, but better approached after a wider discount emerges.
47/100
69Buffett
Thermo Fisher: A Long-Term Owner's Perspective
Thermo Fisher Scientific is a full-stack scientific infrastructure platform spanning instruments, consumables, services, CRO, and CDMO capabilities. At $448, with a static P/E of 24.6x and $65.2 billion of goodwill and acquisition-related intangibles, long-term returns depend heavily on acquisition quality and execution. Rating Watch: a high-quality business, but the current price does not offer a clearly sufficient margin of safety.
44/100
83Buffett
Agilent Technologies: A Study from a Long-Term Business Owner's Perspective
A high-quality laboratory tools and services company whose CrossLab services/consumables franchise is highly sticky, with solid cash flow and low debt. At the current $113.78, mid-single-digit growth is already fully priced in and the margin of safety is insufficient; rating Watch, with an ideal buy zone of $70-85.