Initiating Coverage on Straumann With Narrow Moat and Negative Trend; Shares Look Overvalued
We are initiating coverage of Straumann Holding AG, the Switzerland-based dental implant leader, with narrow moat and negative trend ratings. Our fair value estimate is CHF 415 per share, a steep discount to the current market price, which, combined with our high uncertainty rating, puts shares in 1-star territory. We think Straumann shares reflect unsustainable revenue growth and margin expectations.Our narrow moat rating for Straumann is driven by our assessment of its dental implant business...
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