Novartis Decides to Spin Off Alcon; No Fair Value Change as Focus Shifts to Undervalued Drug Unit
Novartis' decision to spin off Alcon matches our expectations as management guides the company more toward its wide moat drug division. We don't expect the announcement will impact our fair value estimate or wide moat rating for the firm. We continue to view the company as undervalued with the investment community under-appreciating both recently launched drugs and the company's pipeline.The decision to spin off Alcon in the first half of 2019 is in line with our expectation as the division he...
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