Narrow-Moat Alcon Achieves Durable Profits With Strong End to 2021; Maintain $50 FVE

Alcon had a nice finish to the year and slightly exceeded our forecasts; it also achieved its first year of GAAP profits since 2017. We are maintaining our narrow moat rating and $50 fair value estimate. There are few changes to our long-term expectations apart from our view that the U.S. corporate tax rate is likely to remain at 26%. On its own, this had an immaterial impact on our valuation.