Initiating Coverage of Hill-Rom With $64 Fair Value Estimate, No Moat, and Stable Trend
We are initiating coverage of Hill-Rom Holdings, Inc. (HRC), a Chicago-based supplier of medical equipment to hospital customers around the globe, with no moat and stable trend ratings. Our estimate of fair value pegs Hill-Rom shares at $64, and we view the stock as modestly overvalued at current levels with a P/FV ratio of 1.20.The firm is best known for its line of hospital beds, where it enjoys a dominant position in the U.S. market. More recently, management has pursued a strategy geared to...
Hill-Rom Holdings is a medical technology company. The company's reportable segments are: Patient Support Systems, which include a variety of frames and surfaces (such as medical surgical (med-surg) beds, intensive care unit beds, and bariatric patient beds), patient mobility solutions (such as lifts and other devices used to move patients), non-invasive therapeutic products and surfaces, and its information technologies and software solutions; Front Line Care, which includes its patient monitoring and diagnostics products and its respiratory health products; and Surgical Solutions, which include tables, lights, and pendants utilized within the surgical setting.
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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