Geberit's Weaker Core Markets and Higher Expenses Outweigh Restructuring Benefits; Shares Overvalued
Geberit's third quarter was mixed, with slower top-line growth in its core markets and higher year-over-year personnel and raw material costs offsetting the Sanitec restructuring margin benefits. The 3.3% group organic top-line growth was a step down from the lofty levels of 6%-7% in 2016 and first-quarter 2017. The company's core markets of Germany and Switzerland, which contribute an outsize 40% of group revenue, turned out a meagre top-line performance with plus 2.6% and minus 2.4% year-over-...Geberit is a supplier of sanitary technology products. Co. develops, produces and distributes sanitary products and systems for the residential and commercial new construction and renovation markets. Co.'s product range consists of: the Sanitary Systems product area with the Installation Systems, Cisterns & Mechanisms, Faucets & Flushing Systems and Waste Fittings & Traps product lines; and the Piping Systems product area with the Building Drainage Systems and Supply Systems product lines. Co.'s products are sold through the wholesale channel to in more than 120 countries.
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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