Bio-Rad Laboratories Inc Class A

BIO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$364.00	Clnvl	Nljsnqy

Narrow-Moat Bio-Rad Poised for Strong Year Driven by Sartorius Gains and Life Science Momentum

Aaron Degagne

Jul 30, 2021

Narrow-Moat Bio-Rad reported strong second-quarter results, with currency-neutral sales growth of 27.5% and non-GAAP diluted EPS of $3.54 compared with EPS of $1.61 in second-quarter 2020. After adjusting our model for the strong near-term results and greater flow-through equity investment income from Sartorius, we are increasing our fair value estimate to $455 from $425. Our valuation increase is moderated by incorporating a weighted average U.S. tax rate of 26%.

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