Steris' Narrow Economic Moat Supported By Elevated Investment in Fiscal 2020
Narrow-moat Steris finished its fiscal 2019 on a remarkably strong note, posting 9% constant currency organic growth in the quarter and 7.6% for the year. As we update and roll our model, we'll likely raise our $104 per share fair value estimate by a mid-single-digit percentage as some positives are offset by a higher-than-expected capital investment program over the next several years. Strength was broad based across its four businesses, which lays the groundwork for a solid 2020. Our expectati...
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