Bio-Techne Corp

TECH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$32.00	Byklz	Tlgnxpcfg

Bio-Techne: Relaunching Coverage With Narrow Moat Rating and $87 Fair Value Estimate

Jay Lee

May 29, 2024

We are relaunching coverage of Bio-Techne with a narrow moat rating and a fair value estimate of $87 per share. The firm is a leader in proteins, immunoassays, clinical diagnostic controls, and other reagents that are crucial for the academic, biopharmaceutical, and diagnostic markets. We think it has attractive long-term growth prospects, with the potential for low-double-digit growth starting in fiscal 2025, and has demonstrated strong operating profit margins and free cash flow over the past 10 years. We view the shares as fairly valued currently.

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