Initiating Coverage of Integra Lifesciences With Narrow Moat and Stable Trend Ratings; FVE $58
We're initiating coverage of Integra Lifesciences with narrow moat and stable trend ratings. Our fair value estimate of $58 per share pegs valuation near 21 times and 16 times our estimates of 2019 adjusted earnings and EBITDA, respectively. This places shares in 3-star territory for now, but we'd highlight the wide distribution implied by our high uncertainty rating.The firm operates in three distinct areas; neurosurgery, wound care, and extremity orthopedics. We think the firm's neurosurgical...
Integra LifeSciences Holdings is a medical devices company engaged in the development, manufacturing, and marketing of surgical implants and medical instruments. The company manufactures and sells its products in the following two reportable business segments: Codman Specialty Surgical, which includes technologies in dural repair, ultrasonic tissue ablation, intracranial cranial pressure monitoring, hydrocephalus management, and cranial stabilization systems; and Orthopedics and Tissue Technologies, which focus on addressing soft tissue, nerve, and tendon repairs as well as reconstruction in the hand, wrist, elbow, shoulder, ankle and foot.
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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