Scripps Loan Write-Off Overshadows Strong 1Q for Varian; Spin-Off of Imaging on Schedule
Once adjusted for the Scripps partial loan write-off and myriad moving parts ahead of separation of the imaging business, Varian Medical Systems' first-quarter results were rather strong, with healthy demand for oncology products globally and an improving margin profile. We maintain our wide moat rating and $100 fair value estimate for the combined entity; after rallying notably year to date, the stock now trades at only a slight discount to our valuation. We're updating our model in preparation...Varian Medical Systems is a manufacturer of medical devices and software for treating cancer and other medical conditions. The company's segments are: Oncology Systems, which designs, manufactures, sells and services hardware and software products for treating cancer with radiotherapy, and treatments such as fixed field intensity-modulated radiation therapy, image-guided radiation therapy, volumetric modulated arc therapy, stereotactic radiosurgery, stereotactic body radiotherapy and brachytherapy, as well as associated equipment; and Proton Solutions, which develops, designs, manufactures, sells and services products and systems for delivering proton therapy, for the treatment of cancer.
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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