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Steris PLC STE

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Morningstar’s Analysis

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Steris Has Steady Fiscal Second Quarter With Cantel Integration Ongoing; Maintain $189 FVE

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

Narrow-moat Steris’ fiscal second-quarter earnings beat consensus aggregated by FactSet, though results didn't quite meet our higher bar. We are maintaining our $189 fair value estimate. The slightly disappointing results, from our perspective, were offset in our model by time value of money, and some variability in the ongoing integrations of Cantel and Key. Shares still look moderately overvalued to us even after the 4% decline in the stock price on Nov. 3.

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Company Profile

Business Description

Steris is an Ireland-domiciled medical device company focused on sterilization services and infection prevention. The company is the global leader in contract sterilization services, ensuring the safe delivery of single-use and implantable medical equipment to hospitals around the world. Additionally, Steris sells sterilizers, washer-disinfectors, and other decontamination equipment and supplies for use by care provider facilities and in biopharma manufacturing sites. Domiciled in the United States before its 2015 inversion to Ireland, the firm continues to derive roughly 70% of revenue from its U.S. operations, 10% from the United Kingdom, and the remaining 20% from other international regions.

5960 Heisley Road
Mentor, OH, 44060
T +1 440 354-2600
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Sep 30, 2021
Fiscal Year End Mar 31, 2022
Stock Type
Employees 13,000