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AVTR - Avantor: A Little More Cautious Into Earnings
Avantor Inc.
Thesis Update
On March 19, Seeking Alpha published my long recommendation on Avantor (AVTR), a misunderstood relative value play in the healthcare sector. From 3/18 closing prices, the stock is now up ~65% versus ~20% for the S&P 500 and 9% for Thermo Fisher Scientific (TMO), the closest peer.
In my thesis, I explained how the company would likely achieve at least $1.00 in both non-GAAP EPS and FCF per share in 2022 and that the market would likely be willing to pay at least a high-teens multiple on the