Henrik Andersson of Didner & Gerge presented his in-depth investment thesis on Qiagen (Germany: QIA, US: QGEN) at European Investing Summit 2022.
Qiagen is a medical diagnostics company focused on instruments and consumables (primarily assays and kits) for molecular and biological research.
The company was founded in 1984 by a group of researchers at the Heinrich Heine University in Düsseldorf, Germany. Their slogan “From Sample To Insight” further adds to what the company strives to do in order to help their customers. The company has for a long time held a leading position in terms of product quality and cutting edge innovations – not the least displayed by the five Nobel Prizes won with Qiagen products as a base in the research.
After a period in the mid 2000s of very successful penetration of HPV-testing instruments and consumables, Qiagen became somewhat “one-legged”. This has now been corrected due to a successful decade of R&D-efforts but also commercialization of products, and the company has broadened its product portfolio considerably.
They are also – as one of few companies – exposed to both customers within the field of academic research but also towards more “front-end” medical applications (life science clients). Qiagen has a raft of leading product families in this regard, of which QuantiFeron (tuberculosis), QIAcuity (digital PCR-tests), and QIAstat (multiple diagnostic tests) can be mentioned.
Today, Qiagen helps more than 500,000 customers with machines, instruments, consumables, services, and software. Henrik foresees a considerable runway of structural growth ahead, where expertise within molecular biology and adjacent areas should lead to a prosperous future for long-duration investors in Qiagen.
And the best thing is, this value creation can be captured as a shareholder due to the recent modest valuation of the shares.
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About the instructor:
Henrik Andersson has worked within a framework of investing in quality franchises in a concentrated portfolio setting since the early 2000s. After five years as an assistant fund manager and analyst at Handelsbanken Asset Management, in 2003 he launched a discretionary portfolio named European Quality with 15 holdings, inspired by Peter Cundill’s approach of “never shoot into the broom”. That later branched out to a family of funds named the Selective Funds. In 2011 he joined Didner & Gerge, an employee-owned asset management boutique, to launch a Global Equity Fund together with a colleague. D&G Global is now applying these same principles in trying to identify sustainably great companies with an appealing valuation starting point. Over the years, an increased emphasis has been put on corporate leadership with a clear preference for owner-operated companies with a history of outstanding operations.