Merck KGaA

MRK: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€147.00	Klzhb	Mtzdxqqxpx

Merck KGaA Turns in Solid Third Quarter; Raising FVE on Recent Cash Flows

Julie Utterback

Nov 10, 2022

Narrow-moat Merck KGaA delivered third-quarter results that were about as expected, and the company continues to track toward our expectations for the full year. After recognizing cash flows generated since our last valuation update, we are raising our fair value estimate moderately. Shares recently traded slightly above our new fair value estimate.

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