Kortsigtede udfordringer for Coloplast giver muligheder for langsigtede investorer

Virksomhedens narrow economic moat forbliver stærk trods den seneste tids turbulens.

Debbie S. Wang 31/08/2015
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Investeringskommentar, Debbie S. Wang, 27/08/2015

Coloplast's Near-Term Stumbles Offer Opportunity for Long-Term Investors Operational glitches and a legal overhang have hampered Coloplast's recent growth in the United Kingdom and United States, leading to the market's lack of conviction in the future growth trajectory and causing the share price to pull back; the shares now trade at a 16% discount to our fair value estimate. We believe the market does not fully appreciate management's responses to these issues or the strength of Coloplast's narrow economic moat, which should return the company to strong annual earnings growth of 14% over the next five years. Despite recent setbacks, Coloplast's moat remains secure, bolstered by high switching costs, efficient scale, cost advantage, and intellectual property.

Near-Term Setbacks Have Been Addressed
New operational accommodations should address the U.K.'s enforcement of new ordering procedures for ostomy and continence supplies, and we expect normalized growth rates to return by spring of 2016. Further, we anticipate Coloplast and the Department of Justice to reach a final agreement over marketing practices by early 2016, with an immaterial penalty of less than $10 million. More important, the termination of this investigation frees the company to resume marketing activity in the U.S.—a critical market where Coloplast remains underpenetrated.

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Om forfatteren

Debbie S. Wang  Debbie S. Wang is a senior analyst with Morningstar.

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