Increasing FVE on Geberit; Long-Term Thesis Unchanged
After making several adjustments to our model, we are increasing our fair value estimate for Geberit to CFH 330 per share from CHF 267 per share. Our adjustments include a reduction of our weighted average cost of capital to 7.2% from 8.2%, along with recent results, currency, and the time value of money. Nonetheless, shares remain expensive, trading at a 35% premium to our new fair value estimate. Our narrow moat rating is intact.We maintain our medium-term thesis that the company’s push into ...
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.
We have operations in 27 countries.
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