Report
Michael Waterhouse
EUR 100.00 For Business Accounts Only

Straumann's First-Quarter Results Remained in Line With Our Expectations; Shares Still Overvalued

Straumann's first-quarter results largely tracked our expectations. We do not anticipate major changes to our fair value estimate, and we are leaving our narrow-moat rating unchanged. Management reiterated its full-year 2018 outlook, which includes double-digit organic revenue growth along with underlying EBITDA margin improvement. We continue to believe the company can meet this guidance through increased premium and value implant penetration in new and existing regions, along with clear aligne...
Underlying
Straumann Holding AG

Straumann is engaged in tooth replacement solutions that include dental implants, prosthetics and regenerative products. Co. develops, manufactures and supplies dental implants, instruments, computer-aided design/computer-aided manufacturing prosthetics and tissue regeneration products for use in tooth replacement and restoration solutions or to prevent tooth loss. Co. provides a range of services to dental practitioners, clinics and laboratories. Through a collaboration with its academic partner the International Team for Implantology ( ITI), Co. supports research and offers training and education to dental professionals worldwide.

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
Michael Waterhouse

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