ResMed’s Connected Devices Keep Everyone Hooked; Raising FVE to AUD 14.90 and USD 104.00
We raise narrow-moat ResMed’s fair value estimate to USD 104 from USD 101 or AUD 14.90 from AUD 14.40 for the Australian listing. The increase is a function of tempering our medium-term sales forecasts offset by lowering our cost of equity assumption to below average based on a reassessment of the resilience and low systemic risk of the business. ResMed’s strategic direction of creating connected devices that allow patients, medical practitioners and payors to get both clinical and compliance da...
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