Sandoz Group AG Registered Shares

SDZ: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 67.30	Vrvf	Xdqfqcv

Sandoz: Strategic Review Signals Business as Usual, With Long-Term Drivers Intact

Keonhee Kim

Sep 3, 2024

No-moat Sandoz hosted a strategic review recently where it laid out a high-level overview of the generics and biosimilars industry, how the firm looks today in these dynamic markets, and where it aims to go. Overall, we think the event addressed nothing materially new to us but instead was used to educate investors what the firm has been working on since spinning off from its Novartis and going public last October. After making minor updates to our model and accounting for time value of money, we inch up our fair value estimate to CHF 35.50 per share from CHF 34.50.

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