Tough Comps Slow Varian in Q4; Shares Fairly Valued Following Year-to-Date Appreciation
Varian Medical Systems' fourth-quarter results were largely as expected, with difficult comparisons affecting the order intake in Europe, the Middle East, and Africa, or EMEA, and North America. We maintain our wide moat rating and our $100 fair value estimate; with the stock rallying notably year-to-date, it now trades at only a slight discount to our valuation.Oncology performance was somewhat weak, with total orders down 4% in constant currency, partly explained by particularly challenging c...
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.
We have operations in 27 countries.
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