ConvaTec Group PLC

CTEC: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 727.00	Zqrmj	Fgvgclhm

Convatec Earnings: Steady Operational Improvements Have Goosed Growth in 2024

Debbie S. Wang

Aug 12, 2024

Convatec’s results for the first half of 2024 displayed continued improvement. The firm remains on track to meet our full-year expectations, so we’re leaving our fair value estimate unchanged. Thanks to its focus on operations, commercialization of pipeline products, and emphasis on chronic care products, Convatec has steadily and incrementally pushed growth and profitability higher. We’ve long believed that Convatec’s switching costs among end users and the potential to introduce novel products were enough to provide the firm with a narrow moat. Under CEO Karim Bitar, the firm has begun to realize that potential and make good on its moat.

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