We think the stake in wide-moat Sartorius contributes to Bio-Rad’s moat. Although Bio-Rad does not have a controlling stake, Sartorius accounts for approximately 40% of Bio-Rad’s fair value in our ...

BASF aims to return cash to shareholders through its dividend. We view the payout ratio as manageable, given the company’s solid balance sheet. BASF nevertheless operates in a cyclical market, and a ...

EPA Region 6 entered into a Memorandum of Agreement (MOA) with the Texas Railroad Commission (RRC) that outlines the state’s ...

Enghouse Systems is a conservative, capital-efficient software firm with strong recurring revenue but limited near-term ...