Cochlear Investor Day Focuses on Patient Engagement and Services Growth; Raising FVE
We raise our fair value estimate for narrow-moat Cochlear to AUD 123 per share due to a combination of time value of money considerations, revised currency forecasts, and a reduction in long-term cost assumptions related to selling, general, and administrative expenses driven by an increasing use of online channels for marketing. This follows Cochlear's investor day, held in Sydney this week, showcasing the company's multilayered marketing strategy including the use of Internet and social media ...Cochlear is a for-profit entity and operates in the implantable hearing device industry. Co.'s implant systems comprise an implant which is inserted during surgery and an external sound processor. As of June 30 2016, Co. sold in over 100 countries and had a direct presence in approximately 20 countries and used distributors and agents in other areas. Manufacturing for the cochlear implant product range is based in Australia. The bone conduction implant product range is manufactured in Sweden. Co.'s supply chain operates with product being distributed from its manufacturing sites in Australia and Sweden to its regional distribution centres in the U.S., the U.K. and Panama.
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