Report
Michael Waterhouse
EUR 101.80 For Business Accounts Only

Dentsply Sirona's Leadership Changes Imply Strategic Shift

No-moat Dentsply Sirona announced three unexpected corporate resignations. We speculate the leadership reorganization could lead to a strategic shift for the company, as the announcement follows a weak second-quarter performance characterized by more than $1 billion in dental technology impairments and a reduction in year-end guidance. While we think the high rate of sudden turnover is worrisome, our view of the company and our valuation are unchanged for now. We still see the shares as overvalu...
Underlying
DENTSPLY SIRONA Inc.

DENTSPLY SIRONA is a manufacturer of dental products and technologies. The company's Consumables segment is responsible for the design, manufacture, sales and distribution of the company's dental consumable products which include preventive, restorative, endodontic, and dental laboratory products. The company's Technologies and Equipment segment includes responsibility for the design, manufacture, sales and distribution of the company's dental technology and equipment products and healthcare consumable products, including dental implants, computer-aided design/computer-aided manufacturing systems, orthodontic clear aligner products, imaging systems, treatment centers, instruments, and consumable medical device products.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Michael Waterhouse

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