Geberit 1H18 Overall Solid; Ceramics (Sanitec) Weak
Geberit's first-half performance was strong in its legacy plumbing business and in emerging markets, but the ceramics business, acquired with the Sanitec merger, looked comparatively weak. We are maintaining our narrow moat rating and CHF 330 fair value estimate. We believe shares are overvalued.ÂReported revenue was up 11% and the EBIT margin was up a touch by 20 basis points, a good result considering the pressure from raw material prices this year. Organic growth was up at 4%, not far off fr...
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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