Align Technology Inc

ALGN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$722.00	Stzpvn	Xhgprwvrq

Narrow-Moat Align Ends 2022 as Expected Despite Tough Comparisons Against 2021; FVE Remains $311

Keonhee Kim

Feb 2, 2023

Narrow-moat Align Technology reported fourth-quarter earnings that were on track with our assumptions. We maintain our fair value estimate of $311 per share, with slight near-term downturn effects offset by time value of money.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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