Cochlear Ltd

COH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$945.00	Svjb	Tgmkpdmrd

Disposition of the Implants Business Inevitable Development for Demant

Alex Morozov

Apr 27, 2022

Demant's announcement of the sale of its medical segment to Cochlear ends the firm's unsuccessful decade-plus long excursion into the implants industry and further underscores the challenge of competing with wide-moat Cochlear in this space. We maintain our fair value estimate for the narrow-moat Demant as this segment has long been an investment sinkhole and unlikely to ever become a meaningful contributor.

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