The qualitative bull case for eye care leader Alcon (ALC) looks rock-solid - and almost self-evident. Populations worldwide are aging. Consumers in developing economies are moving into the middle class by the millions. Demand for Alcon products, and the ability to meet that demand, thus should rise in tandem.
The fundamental bull case, on the other hands, looks much more dicey. ALC trades at over 30x 2019 EPS estimates (which appear informed by the company's own guidance). Yet growth of late has been stagnant, with revenue last year below 2014 levels, and operating