Straumann Management Maintains Full-Year 2022 Outlook; Keeping Our Fair Value Estimate at CHF 140

Narrow-moat Straumann reported strong second-quarter results that slightly exceeded our expectations, with organic sales increasing by 15.1% year-over-year and topping CHF 1 billion in the first half of 2022. However, minor adjustments to our near-term revenue projections for the full year were not enough to move the needle, and we are maintaining our fair value estimate of CHF 140 per share. We also recognize macroeconomic headwinds and delays in the delivery of machinery remain factors that could hamper results in the remainder of the year, though the firm has done a credible job of managing through them so far.