Sandoz Group AG Registered Shares
SDZ: XSWX (CHE)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CHF 12.80 | Byck | Dmskgkcn |
Sandoz Earnings: Strong Growth Story Muddled by Weak Margins but Improvements to Come
No-moat Sandoz reported mixed fourth-quarter earnings. Total sales of $2.5 billion were up 10.8% year over year but margins were weaker than we expected. After updating our model, we maintain our fair value estimate of CHF 31 per share, as our adjustments did not have a material impact on our valuation.