West's Third Quarter Performance Tracks Our Full-Year Expectations; Maintaining $105 FVE
Wide-moat West Pharma reported third-quarter results that fell largely within our expectations. Management reiterated its 2018 outlook for sales and earnings but lowered its expected capital expenditure needs by roughly $10 million. Our forecast was already at the low end of management's prior range, so we don't anticipate any small tweaks to our model to materially change our $105 fair value estimate. While we view the stock as fairly valued near current levels, we think investors should keep a...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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