Trimming Narrow-Moat Merck KGaA's Fair Value Estimate on Pending Versum Deal
After taking a fresh look at Merck KGaA following the Versum acquisition announcement, we are trimming our fair value estimate for the firm and boosting our uncertainty rating. Merck has offered a full valuation for Versum, which has cut into our fair value estimate slightly. Our new high uncertainty rating also recognizes Merck's increasing exposure to the cyclical semiconductor end market and the ongoing risks surrounding Merck's healthcare portfolio and display solutions business. Strategical...
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