Patterson Unlikely to Earn Significant Excess Returns on Invested Capital Amid Dental Headwinds
Patterson reported mixed fiscal 2019 third-quarter results. We may slightly reduce our fair value estimate to reflect the company's persistent dental consumables weakness, but we are leaving our narrow moat rating intact. Management slightly narrowed its fiscal 2019 adjusted EPS guidance to $1.40-$1.45, which is slightly below our estimate of $1.46. While we are encouraged by Patterson's continued efforts to expand its private-label businesses, we remain concerned about long-term dental headwind...Patterson Companies is a distributor serving the U.S. and Canadian dental supply and the U.S., Canadian and U.K. animal health supply markets. The company operates through two business units, Patterson Dental and Patterson Animal Health. Patterson Dental provides consumable products, including infection control, restorative materials, hand instruments and sterilization products; technology dental equipment; technology solutions, including practice management software and e-commerce solutions; patient education systems; and office forms and stationery to dentists, dental laboratories, institutions, and other healthcare personnel. Patterson Animal Health is a distributor of animal health products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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