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Straumann Holding AG STMN

Morningstar Rating
CHF 122.70 +2.70 (2.25%)
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Company Report

Straumann Earnings: Strong China and Latin America Results Offset High-Interest-Rate Pressure in US

Narrow-moat Straumann reported first-quarter earnings that came in as we expected. Total sales of CHF 644 were up 8.1% year over year, or 16.5% in local currencies. Unfavorable headwinds related to the euro, US dollar, and yen created material headwinds—more than 600 basis points—but strong execution and market-share wins in certain regions proved enough to more than offset those impacts. We maintain our fair value estimate of CHF 100 per share.

Price vs Fair Value

STMN is trading at a 80% premium.
Price
CHF 120.00
Fair Value
CHF 957.00
Uncertainty
Medium
1-Star Price
CHF 628.00
5-Star Price
CHF 37.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Straumann is making strategic acquisitions in high-growth markets.

Bears

Straumann might lose China market share because of volume-based procurement, which would have an adverse impact on more than half of sales in Asia-Pacific.

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Trading Information

Previous Close Price
CHF 120.00
Day Range
CHF 120.15123.40
52-Week Range
CHF 97.00151.50
Bid/Ask
CHF 0.00 / CHF 0.00
Market Cap
CHF 19.56 Bil
Volume/Avg
437,988 / 270,481

Key Statistics

Price/Earnings (Normalized)
42.61
Price/Sales
8.12
Dividend Yield (Trailing)
0.69%
Dividend Yield (Forward)
0.69%
Total Yield
0.79%

Company Profile

Straumann is a global leader in tooth replacement and orthodontics solutions. Its line of products includes dental implants, abutments, clear aligners, biomaterials, and computer-aided design/computer-aided manufacturing equipment. The company’s core products are dental implants, and it holds roughly one third of the global implant dentistry market, which is estimated to be worth roughly CHF 5.4 billion. Originally a pure premium implant player, Straumann entered the value market in 2012 with its acquisition of Neodent. Straumann now accounts for almost half of the global premium market and around 15% of the value market. While its premium product catalog is marketed under Straumann, its value brands include Neodent, Anthogyr, and Medentika as well as other local and regional brands.
Sector
Healthcare
Industry
Medical Instruments & Supplies
Stock Style Box
Large Growth
Total Number of Employees
11,100

Competitors

Valuation

Metric
STMN
XRAY
ALGN
Price/Earnings (Normalized)
42.6115.1231.17
Price/Book Value
10.651.795.57
Price/Sales
8.121.505.40
Price/Cash Flow
33.8212.3825.40
Price/Earnings
STMN
XRAY
ALGN

Financial Strength

Metric
STMN
XRAY
ALGN
Quick Ratio
1.340.761.02
Current Ratio
1.951.381.23
Interest Coverage
19.50−1.16
Quick Ratio
STMN
XRAY
ALGN

Profitability

Metric
STMN
XRAY
ALGN
Return on Assets (Normalized)
13.05%3.49%11.78%
Return on Equity (Normalized)
23.67%7.49%19.68%
Return on Invested Capital (Normalized)
18.17%5.66%18.66%
Return on Assets
STMN
XRAY
ALGN
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