Bar code manufacturer, Zebra Technologies Corp. (NASDAQ:ZBRA) weighed on quarterly performance as well, trading down -4.40%. We believe the recent price decline runs counter to the company’s strong underlying business fundamentals. Moreover, we consider Zebra’s inventory tracking solution to be best in class and well positioned for growing global demand across retail, logistics and healthcare. At 14.2x forward cash EPS and a 21% discount to our estimate of private market value, we continue to think shares are undervalued.
From John Rogers (Trades, Portfolio)' Ariel Funds 2017 shareholder letter.
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