Merck KGaA Reports Consistent Results as Healthcare Headwinds Persist in 2017
Merck KGaA reported fourth-quarter results mostly in line with our expectations, but management’s outlook for potentially flat EBITDA in 2017 falls slightly below our forecast. Regardless, we don’t anticipate a material change to our fair value estimate as we make a few slight adjustments to our model. We’re leaving our narrow moat rating in place.While we anticipate a slight turnaround in the performance materials division in 2017, we anticipate healthcare and life science trends in 2016 will...
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