Morningstar

Morningstar, Inc.

Equity Bottom-Up

We raise narrow-moat ResMed’s fair value estimate to USD 104 from USD 101 or AUD 14.90 from AUD 14.40 for the Australian listing. The increase is a function of tempering our medium-term sales forecasts offset by lowering our cost of equity assumption to below average based on a reassessment of the resilience and low systemic risk of the business. ResMed’s strategic direction of creating connected devices that allow patients, medical practitioners and payors to get both clinical and compliance…

Shares in ResMed are beginning to screen as overvalued following the release of third-quarter results. Revenue growth of 11% in the nine months ended March is broadly in-line with our updated full-year forecast of 12%. We pull back our forecasts for the core devices business, which slightly trailed our expectations, but our long-term estimates remain intact. ResMed has carved a narrow economic moat and commands a dominant position in sleep apnoea. We expect the firm can continue to bolster its…

United States

ResMed Inc. develops, manufactures, and markets medical equipment for the treatment of sleep disordered breathing.  The Company sells diagnostic and treatment devices in various countries through its subsidiaries and independent distributors.

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