ResMed's Moat Underpinned by Core Sleep Apnoea Business
We retain our fair value estimate of USD 101 on narrow-moat ResMed following the in line results for the first quarter of fiscal 2019. Our fair value estimate per CDI is unchanged at AUD 14.20, based on an AUD/USD exchange rate of 0.71. At current prices, shares are trading close to our intrinsic assessment.Global sales grew by 12.3% in the first quarter, tracking our full-year fiscal 2019 estimate of 12.1%. The growth was driven by both masks and devices, in the Americas as well as the rest of...
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