Thermo Fisher Scientific Inc

TMO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$963.00	Bkz	Rypbyhpcy

Thermo Fisher's Core Business Strength Continues Through End of Fiscal 2022; Shares Fairly Valued

Alex Morozov

Feb 1, 2023

We are anticipating a modest increase to our $590 fair value estimate for wide-moat Thermo Fisher after a strong fiscal 2022. Despite the boost that COVID-19 gave fiscal 2021 and the resulting tough comparables as testing revenue decreased by $4.2 billion, the company managed to maintain flat organic revenue growth and grew its core organic revenue by 14% in 2022. We view shares as fairly valued.

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