Initiating Coverage of ICU Medical With Narrow Moat and Stable Trend Ratings; FVE $240
We're initiating coverage of ICU Medical with narrow moat and stable trend ratings. We peg fair value for ICU shares at $240, representing a modest discount to prevailing market prices. Our fair value estimate implies approximately 31 times and 18 times our adjusted earnings and EBITDA forecast for 2018, versus a market valuation that implies nearly 38 and 23 times our estimates. The market appears to be pricing in too rosy a scenario for normalized earnings growth over the long term, in our vie...ICU Medical is an infusion therapy company with a range of product portfolio that includes intravenous (IV) solutions, IV smart pumps, dedicated and nondedicated IV sets and needle free connectors, along with pain management and safety software technology. In addition, the company manufactures automated pharmacy IV compounding systems. The company's product lines include: Infusion Consumables; Infusion Systems, which include infusion pump hardware, IV mediation safety software, and rofessional pservices; IV Solutions, which include IV therapy and diluents and irrigation; and Critical Care, which help clinicians get real-time access to patients' hemodynamic and cardiac status.
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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