Dentsply Sirona's Significant Restructuring Plan Overshadows Weaker-Than-Expected 3Q Performance
Dentsply Sirona's third-quarter results were below our expectations. We may modestly adjust our fair value estimate after we update our assumptions to incorporate management's new restructuring plan, but we are leaving our no-moat rating intact. The company's restructuring plan aims to achieve $200 million-$225 million in cost savings by 2021 and includes an expected 6%-8% net reduction in its global workforce. We think management's plan to simplify its research and development strategy is anoth...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.
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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