Dentsply Sirona's Stabilizing Q4 Performance and Positive Guidance Boost Shares

Dentsply Sirona reported fourth-quarter results that reflected a notable stabilization in its business. Improving core results and management’s positive 2021 outlook provided a boost to the shares, which traded 13% higher on March 1. The business had struggled through the pandemic, and its recovery has been slower than peers'; this was probably exacerbated by the company's restructuring efforts, which started before the pandemic, and its largely commodity portfolio. We do not anticipate a material change to our $40 value estimate for no-moat Dentsply.