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...Fresenius is a health care group providing products and services for dialysis, hospitals and outpatient medical care. Co. operates four business segments: Fresenius Medical Care; Fresenius Kabi; Fresenius Helios; and Fresenius Vamed. Fresenius Medical Care provides dialysis care and dialysis products for patients with chronic kidney failure. Fresenius Kabi is engaged in the provision of generic drugs, infusion therapies, clinical nutrition products, related medical devices and transfusion technology. Fresenius Vamed manages projects and provides services for hospitals and other health care facilities. Fresenius Helios is a private hospital operator which only operates in Germany.
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