ALGN - Giverny Capital - Align Technology: Market Leader At A Discount To Intrinsic Value
2024-02-08 07:35:00 ET
Summary
- After the sale of Markel in the fall, we used the proceeds to buy a 2% position in Align Technology in November.
- In the US, Align has a roughly 15% share of the teen orthodontia market.
- Align still holds hundreds of US patents and spends more on aligner Research & Development than all of its competitors combined.
- I think we bought a market leader at a discount to its intrinsic value.
The following segment was excerpted from this fund letter.
Align Technology ( ALGN )
After the sale of Markel in the fall, we used the proceeds to buy a 2% position in Align Technology in November. With Align Technology, our basis is just below $190 and it finished the year at $274, for a very productive seven weeks of ownership....
Giverny Capital - Align Technology: Market Leader At A Discount To Intrinsic Value