Straumann Sustains Strong Fourth-Quarter Growth, but Margin Pressure Remains a Concern
We do not anticipate major changes to our fair value estimate after we update our assumptions for Straumann, and we are reiterating our narrow-moat rating. Fourth-quarter revenue grew to approximately CHF 311 million, up by roughly 28% versus the year-ago period, compared with our CHF 290 million forecast. The strong performance prompted a dividend increase to CHF 4.75 per share, up from CHF 4.25. Furthermore, our previous 2018 revenue forecast of approximately 1.3 billion CHF is not too far awa...
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