ConvaTec Makes Modest Progress on Turnaround; No Change to Our FVE
Slowly but surely, ConvaTec is making progress on its turnaround with another quarter that delivered slight improvements. Revenue growth in the first half of 2018 was largely consistent with our tempered expectations, and reported margins hit our estimates nearly on the nose. We’re leaving our fair value estimate unchanged. In terms of green shoots, we take the return of organic growth in ostomy care and 5.9% organic growth in continence care as positive signs. In particular, we think this growt...
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