Analyst Note
| Aaron Degagne |Bausch Health reported its last quarterly results as a combined public company, and while sales and earnings generally met expectations, results came in below FactSet consensus. We maintain our $29 fair value estimate, which reflects our standalone value of recently spun-out Bausch & Lomb, and we also maintain our no-moat rating. While our fair value estimate presently accounts for the Bausch & Lomb holding, we intend to remove this adjustment following the planned stock distribution of Bausch & Lomb. In the meantime, however, we view shares as undervalued.