We expect decent long-term returns on capital despite near-term growth and margin headwinds.
We believe narrow moat Henry Schein’s efforts to restructure its operations is a major positive, but we do not think this strategy will offset all of the secular headwinds the firm is facing. Nevertheless, after factoring in these latest developments (which include the spinout of its animal health business) we plan to moderately increase our $65 fair value estimate. The restructuring includes staff rationalization, technological infrastructure improvements, and the spinout of its Animal Health s...Schein (Henry) provides health care products and services to office-based dental and medical practitioners. The health care distribution segment distributes consumable products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products and vitamins. The company's technology group offerings include practice management software systems for dental and medical practitioners. The company's practice solutions include financial services on a non-recourse basis, e-services, practice technology, network and hardware services, and continuing education services for practitioners.
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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