COVID-Related Revenue Continues to Boost Becton, Dickinson Growth in the Third Quarter

We anticipate a moderate increase to our fair value estimate for narrow-moat Becton, Dickinson following the release of third quarter results and updated guidance for fiscal 2021. The third quarter of 2020 provided easy comparables for BD, having declined over 11% between 2019 and 2020, but the nearly 27% growth year over year for the quarter from 2020 to 2021 returned total revenue to levels in line with historical growth at $4.9 billion. We currently view BD as undervalued.