Affirming Our Narrow-Moat Ratings for Baxter and Fresenius SE; Raising Fair Value Estimates
After taking a fresh look at dialysis and injectable therapy-focused Baxter and Fresenius SE, we are maintaining our narrow moat and stable trend ratings for both firms. We are also raising our fair value estimates, as we account for cash flows generated since previous updates and adjustments to underlying projections. For Baxter, we are raising our fair value estimate to $69 per share, or about 21 times our updated 2019 earnings, from $63 per share previously. For Fresenius, we are increasing o...Baxter International, through its subsidiaries, provides a portfolio of healthcare products, including acute and chronic dialysis therapies; sterile intravenous solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; and surgical hemostat and sealant products. These products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices and by patients at home under physician supervision. The company manages its business based on three geographic segments: Americas (North and South America), Europe, Middle East and Africa and Asia-Pacific.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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