Straumann Holding AG

STMN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 793.00	Dgqdgd	Phfjrxff

Straumann Earnings: Mixed Results as Positive Patient Flow Offset by China’s VBP in Full Swing

Keonhee Kim

May 3, 2023

Narrow-moat Straumann reported mixed results for the first quarter, with total sales up 1.1% year over year. While most of its serviced regions performed better than expected, China significantly hurt the Asia Pacific region. We maintain our fair value estimate of CHF 90 per share as our near-term lower forecast, mostly to Asia Pacific sales, was offset by time value of money.

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