Coloplast's Chronic Care Portfolio Remains Resistant to the Pandemic; No Change to Our FVE

Narrow-moat Coloplast posted fiscal first-quarter results that displayed underlying resiliency with organic growth consistent with our projections, and we’re standing pat on our fair value estimate. However, the falling U.S. dollar and British pound damped revenue growth more than we’d expect, though not enough to materially shift our intrinsic value. Our projections on the top and bottom lines remain within the bounds of management’s outlook, and we haven’t altered our underlying assumptions for the business in 2021.