格雷斯海姆股份公司：再次下调指引

Restricted - External GXIG.DE/GXI GROVERWEIGHTUnchangedEuropean Small & Mid CapNEUTRALUnchangedPrice TargetEUR 67.00lowered -16% from EUR 80.00Price (02-Jun-25)EUR 48.82Potential Upside/Downside+37.2%Source: Bloomberg, Barclays ResearchMarket Cap (EUR mn)1686Shares Outstanding (mn)34.54Free Float (%)95.0852 Wk Avg Daily Volume (mn)0.2Dividend Yield (%)2.56Return on Equity TTM (%)5.34Current BVPS (EUR)43.79Source: BloombergPrice PerformanceExchange-GER52 Week rangeEUR 109.70-47.00Source: IDCLink to Barclays Live for interactive chartingEuropean Small & Mid CapGaurav Jain+44 (0)20 3555 2501gaurav2.jain@barclays.comBarclays, UKPallav Mittal+44 (0)20 7773 1376pallav.mittal@barclays.comBarclays, UKMorayo Adesina+44 (0)20 3134 9537morayo.adesina@barclays.comBarclays, UK FY25OldNew1,3541,3401,0931,0828-12-122,4432,418366328219211-20-20-37-3652848327.0%24.5%20.0%19.5%5.104.2051111.470.32Changes to estimates•We adjust our estimates to reflect GXI's latest FY25 guidance. %change-1%1,422-1%1,14880%-1%2,568-10%-3%-8%27.5%20.3%-18% Analyst(s) Certification(s):We, Gaurav Jain and Pallav Mittal, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about any orall of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly or indirectlyrelated to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Gerresheimer AG(GXIG.DE, 02-Jun-2025, EUR 48.82), Overweight/Neutral, JUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer.CE:Barclays Bank PLC and/or anaffiliateis a market-maker in equity securities issued by this issuer.CH:Barclays Bank PLC and/or its group companies makes, or will make, a market in the securities (as defined under paragraph 16.2 (k) of the HK SFCCode of Conduct) in respect of this issuer.D:Barclays Bank PLC and/or anaffiliatehas received compensation for investment banking s