Smith & Nephew's Mixed 2Q Did Not Change Our FVE
Smith & Nephew’s second quarter held few surprises, and we’re holding steady on our fair value estimate. After adjusting for the sale of the gynecology product line to Medtronic, Smith & Nephew saw underlying growth of 3%, fueled by sports medicine, Pico negative-pressure wound therapy, and trauma. The arthroscopic, wound care, and hip implant businesses were soft, but not far from what we’d expected. We think the firm’s narrow economic moat remains intact thanks to high switching costs,...
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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