Merck KGaA

MRK: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€244.00	Ktvpwb	Znpbfwylrm

Merck KGaA Delivers Weak End to 2022 and Conservative 2023 Outlook; Shares Mildly Overvalued

Julie Utterback

Mar 2, 2023

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.

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