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16.02.2009

Comments

Fredy

I was actually a ltitle surprised to see that Berkshire took a stake in BDX. In my opinion, there seem to be other companies within the medical equipment sector that seem more undervalued than Becton Dickinson and share similar wide moat characteristics--most notably, Stryker Corporation (SYK).Both have market caps of around $15B, ROEs that are consistently around 20%, similar free cash flow yields, and sticky/moaty businesses. However, SYK sports lower valuation multiples than BDX despite having a 10-year compounded annual growth rate that is more than twice as high as BDX.But, of course, Buffet might be seeing something in the management of BDX or in the business that I don't see.Lastly, thanks for the wonderful analysis of BDX!

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