Initiating Coverage of Merit Medical Systems With $27 Fair Value Estimate; Shares Overvalued
We are initiating coverage of Merit Medical Systems, a Utah-based medical supplies company, with no-moat and stable trend ratings. We estimate fair value at $27 per share, a material discount to the current share price, which puts the stock in 1-star territory. Our intrinsic value implies 16.5 and 10.5 times our estimate of 2018 adjusted earnings and EBITDA, respectively. Shares have benefited from management’s pivot to a focus on acquisition that has augmented growth but has failed to materiall...
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