>>FSH fires into a good place for this restricted-budget time. They sell stuff that addresses "modest-cost solution to bottleneck" issues. There's a real focus on productivity, at the same time that big ticket items are no-go.<<
Well, that was my theory for the reagent and consumable companies, too, but FSH has held up better than the rest. NBSC has been bandied about as a good munch for FSH. I submit HBIO might be also be a good choice, in terms of fit. Frankly, I think FSH is doing fine on its own, and management is disinclined to dull their above-mentioned focus by doing a munch. I realize they have allowed the possibility, but it didn't hurt them to take this approach with the analyst community. Empty words, IMO.
Do you have a feel for their customer mix? I have excluded it here because they never broke out their sales by customer market (i.e. life sciences, drug discovery, industrial (read: chemical companies and the like), etc.), only by geography. Maybe I should just ask someone in IR.
Cheers, Tuck |
