West's 2019 Outlook Falls Short, but Its Wide Moat Remains Intact
West Pharmaceutical Services reported a decent end to 2018, although management's initial outlook for 2019 fell below our expectations. While the projected organic constant-currency revenue growth rate is in line with its 6%-8% long-term target, accelerating foreign exchange headwinds and a product recall stand to mute reported performance in 2019. We'll likely lower our fair value estimate for the wide-moat firm by a mid-single-digit percentage as we update and roll our model--the effect of low...West Pharmaceutical Services is a manufacturer in the design and production of containment and delivery systems for injectable drugs and healthcare products. The company's products include packaging, containment solutions, reconstitution and transfer systems, and drug delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. The company's segments are: Proprietary Products, which provides packaging, containment and drug delivery products, analytical lab services and integrated solutions; and Contract-Manufactured Products, which is focused on the design, manufacture, and automated assembly of devices, for pharmaceutical, diagnostic, and medical device customers.
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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