Downgrading Stericycle’s Economic Moat to Narrow, but Valuation Attractive
Upon reviewing Stericycle’s competitive positioning and transferring coverage to a new analyst, we are adjusting our economic moat rating to narrow, from wide. The firm’s core domestic med-waste operations still enjoy robust competitive advantages rooted in route density. However, changes in healthcare end markets over the past decade (namely consolidation of independent healthcare practices into larger hospital groups) have reached the point where Stericycle is seeing a large portion of its sma...Stericycle is engaged in the medical and hazardous waste management and secure information services. The company's segments are: North America, and International Regulated Waste and Compliance Services, which provides medical waste management services, pharmaceutical waste services, compliance programs, retail and healthcare, industrial and manufacturing hazardous waste management and secure information destruction; and Domestic Communication and Related Services, which provides appointment reminders, secure messaging, event registration, and other communications mainly for hospitals and integrated delivery network's as well as regulated recall and returns management communication, and logistics.
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