No Surprises in Competitive Bidding Round One 2017 Rates; Maintain Fair Value for ResMed
The Centers for Medicare and Medicaid Services, or CMS, has released new reimbursement rates for the Round One geographic competitive bidding areas 2017, or CBR1 2017. Compared with CBR2 rates implemented in July 2016, these rates are slightly higher but overall are an immaterial positive for our forecasts. We maintain our USD 77 per share (AUD 10.50 per CDI) fair value estimate for ResMed, which implies the stock is undervalued. At current levels, the stock is trading at about a 16% discount to...ResMed is a holding company. Through its operating subsidiaries, the company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software solutions that diagnose, treat and manage respiratory disorders including sleep disordered breathing, chronic obstructive pulmonary disease, neuromuscular disease and other chronic diseases. The company has two operating segments: Sleep and Respiratory Care and Software-as-a-Solutions. The company's portfolio of products includes devices, diagnostic products, mask systems, headgear and other accessories, dental devices, portable oxygen concentrators and cloud-based software informatics solutions.
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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