Merck KGaA
MRK: XETR (DEU)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€989.00 | Xrpwqft | Pbzvgzmwnc |
Merck KGaA Delivers Weak End to 2022 and Conservative 2023 Outlook; Shares Mildly Overvalued
Narrow-moat Merck KGaA delivered fourth-quarter results and 2023 guidance that were slightly lower than we anticipated. However, when considering cash flows generated in recent months, our euro-denominated fair value estimate has not changed; a mild adjustment to our U.S. dollar-related fair value estimate is only due to recent currency movements. Shares look likely to still trade slightly above intrinsic value.