The risk of captive manufacturing and high client bargaining power tempers our outlook for Lonza.
We are increasing our fair value estimate to CHF 180 per share from CHF 170 following Lonza’s positive third-quarter trading update. We’ve updated our expectations for Capsugel’s top-line growth and contribution to cost synergies. The deal closed in July of this year. Management reiterated its 2017 guidance for high-single-digit organic growth (excluding the Capsugel acquisition) and core EBITDA over CHF 1 billion. Third-quarter results appear on track to meet these targets, and our 2017 estimat...Lonza supplies services and products that range from active pharmaceutical ingredients and stem-cell therapies to drinking water sanitizers, from vitamin B compounds and organic personal care ingredients to agricultural products, and from industrial preservatives to microbial control solutions. Co. operates in two segments: Lonza Pharma & Biotech, which clusters all of Co.'s offerings for pharmaceutical markets, focuses on providing custom development, custom manufacturing, cell therapy, viral therapeutics and bioscience solutions; and Lonza Specialty Ingredients, which includes offerings in its consumer care, agro ingredients, industrial solutions, wood protection and water treatment.
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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