Transferring Coverage of ResMed
We raise our fair value estimate for ResMed to USD 101 from USD 100, owing to the time value of money, following transfer of analyst coverage. We increase our fair value estimate for the Australian CDI to AUD 14.20 from AUD 13.50, principally due to a weaker Australian dollar, with the exchange rate currently around USD 0.71 per AUD 1. Our narrow moat, stable moat trend, and medium uncertainty ratings remain intact.The sleep apnoea market is effectively a duopoly, with ResMed and Phillips, form...
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