Raising Lonza's FVE Following Strong 1Q Performance
We are increasing our fair value estimate for Lonza to CHF 155 per share from CHF 140 to account for strong first-quarter momentum and management’s updated guidance for the rest of the year. The company's solid performance was supported by healthy growth from all its segments, though we expect future growth will be primarily driven by the more moatworthy pharma and biotech segment. We continue to believe Lonza does not yet warrant an economic moat. While we assign a positive moat trend rating gi...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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