Siemens Healthineers (OTCPK:SMMNY) is one of those frustrating situations for a GARP investor where you have to make your peace with paying more than you'd really like to own a piece of a business that I think is set up to be one of the best large-cap med-techs over the next three to five years. Best-of-breed R&D is driving share gains in imaging, diagnostics is improving, and Varian is a top-tier addition in the radiation oncology space.
Valuation is still an issue for me. The shares have pulled back significantly off their high, but are up about 10% from my last article and still don't offer huge undervaluation. This is a case, though, where I think investors may want to consider paying up for quality and the opportunity to enjoy upside leverage to beat-and-raise quarters down the line.
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