Lonza Solid Third-Quarter Update Tracks Our Expectations; Shares Look Overvalued
We are maintaining our CHF 140 per share fair value estimate and no moat rating following Lonza’s brief third-quarter update. Lonza revealed strong growth almost across the board in its update and continues to track our full-year expectations. While we applaud Lonza for its continued focus on margin expansion and operational productivity, we believe the market is overrewarding the stock, which looks overvalued at current levels. We believe Lonza's contract manufacturing and microbial-control bus...Lonza supplies services and products that range from active pharmaceutical ingredients and stem-cell therapies to drinking water sanitizers, from vitamin B compounds and organic personal care ingredients to agricultural products, and from industrial preservatives to microbial control solutions. Co. operates in two segments: Lonza Pharma & Biotech, which clusters all of Co.'s offerings for pharmaceutical markets, focuses on providing custom development, custom manufacturing, cell therapy, viral therapeutics and bioscience solutions; and Lonza Specialty Ingredients, which includes offerings in its consumer care, agro ingredients, industrial solutions, wood protection and water treatment.
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