Lorne Steinberg Becton Dickinson BDX-N WATCH Jan 22, 2021

Healthcare supplier in North America.
90% of products are disposable - creates recurring revenue.
Expecting double digit earnings growth.
Fantastic M&A growth with good management team.
Dividend growing at a regular pace.

Pays a good dividend, is held by institutions, great earnings and has global exposure.

They have incredible reach with 90% of hospital patients touching one of their surgical and medical products

Share have been flattened, but it's now cheap. They tell a good story.

Avoid TMO because their revenues are flattening. Both trade at a high PE. BDX hasn't done much in share movement. He'd rather pay more for Boston Scientific which performs better.

Still really likes it. Major issue was surgeries on hold during Covid. Revenues declined, now returning to growth. Free cashflow yield ~4.5%. Earnings growth should return to double digits by end of 2024 and into the next couple of years. Unique. Compelling value.

With a market cap of over $60 billion it is the largest player in the medical disposables sector with 25% market share. Growth stalled for two years during COVID but is accelerating now. Its profits are solid so there is lots of room for acquisitions and a start to buying back shares. Trades at 17X earnings and there should be double digit earnings growth ahead. Can be somewhat volatile.       Buy 16  Hold 2  Sell 0

90% of their products are disposable medical supplies. Problem was that during Covid, there were fewer operations, so sales fell and are slowing catching up--8-10% growth annually in the next few years, he thinks. Stock is cheap now, but the stock has done nothing for him. Has excellent prospects.