Report
Chris Kallos, CFA
EUR 98.48 For Business Accounts Only

Sigma enjoys winning market share despite a challenging operating environment.

Our fair value estimate for narrow-moat Sigma Pharmaceuticals remains unchanged at AUD 1.25 per share, which is broadly in line with current levels. We see the independent review of Pharmacy remuneration and regulation led by Professor Stephen King, or Kings Pharmacy Review, and revisiting of pharmacy ownership rules as an important indicator of potential regulatory changes for pharmaceutical wholesalers. Amendment of ownership rules so that any party could own a pharmacy, subject to requirement...
Underlying
Sigma Pharmaceuticals Ltd.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Chris Kallos, CFA

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