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Alcon Inc ALC

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Stock XSWX Rating as of
CHF 79.96 +0.02 (0.03%)
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Company Report

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Alcon Earnings: Starts 2024 on a Strong Note From Healthy Consumer Demand and Market Penetration

Keonhee Kim

Narrow-moat Alcon reported strong first-quarter earnings that came in above our expectations. Total sales of $2.5 billion were up 5%, or 7% in constant currencies year over year, and margins showed a nice recovery. Healthy demand, pricing, and trade-ups buoyed sales with minor offsets from unfavorable foreign exchange headwinds. After updating our model, we maintain our fair value estimate of $70 (CHF 62) per share as impacts from our adjustments were too minor to move our valuation.

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Price vs Fair Value

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ALC is trading at a 329% premium.
Price
CHF 79.94
Fair Value
CHF 16.00
Uncertainty
Medium
1-Star Price
CHF 12.30
5-Star Price
CHF 78.10
Economic Moat
Yzlmb
Capital Allocation
Gsxbtwvgs

Bulls Say, Bears Say

Bulls

Alcon is one of the leading visioncare companies in the world, with a record of successful product development, and it will continue to launch technically superior products.

Bears

A failure to help doctors transition from Centurion to a new phacoemulsification machine (upon launch in the next two years) could leave some customers unsatisfied and moving to a different manufacturer.

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Trading Information

Previous Close Price
CHF 79.94
Day Range
CHF 79.62–80.46
52-Week Range
CHF 61.28–81.80
Bid/Ask
CHF 79.96 / CHF 79.98
Market Cap
CHF 39.45 Bil
Volume/Avg
151,605 / 886,999

Key Statistics

Price/Earnings (Normalized)
29.43
Price/Sales
4.69
Dividend Yield (Trailing)
0.30%
Dividend Yield (Forward)
0.30%
Total Yield
0.30%

Company Profile

Alcon is one of the leading visioncare companies in the world. Following nine years as a Novartis subsidiary, it was spun off as a public company in April 2019. Alcon operates in two segments: visioncare and surgical. Visioncare comprises contact lenses, lenscare solutions, and a suite of ocular health products. With brands like Dailies, Total1, and Air Optix, Alcon controls one fourth of the U.S. contact lens market. Surgical comprises intraocular lenses, ophthalmic surgical equipment, and consumables used during surgeries. Its main products include Centurion, a phacoemulsification device used during cataract surgeries, and a portfolio of IOLs including PanOptix and Vivity. Alcon has one of the largest installed bases of eye surgical equipment in the world.
Sector
Healthcare
Industry
Medical Instruments & Supplies
Stock Style Box
Large Growth
Total Number of Employees
25,315
Website
https://www.alcon.com

Competitors

Valuation

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Metric
ALC
AFX
COO
Price/Earnings (Normalized)
 29.4330.4927.92
Price/Book Value
 2.103.972.40
Price/Sales
 4.694.025.05
Price/Cash Flow
 22.6425.5821.43
Price/Earnings
ALC
AFX
COO

Financial Strength

Metric
ALC
AFX
COO
Quick Ratio
 1.312.340.81
Current Ratio
 2.513.511.86
Interest Coverage
 5.8619.184.77
Quick Ratio
ALC
AFX
COO

Profitability

Metric
ALC
AFX
COO
Return on Assets (Normalized)
 4.73%—2.49%
Return on Equity (Normalized)
 6.76%—3.88%
Return on Invested Capital (Normalized)
 5.92%—3.63%
Return on Assets
ALC
AFX
COO
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