Zoetis Inc.

“Zoetis is a structurally advantaged animal health compounder with a widening biologics moat, ~20% ROIC, and near-complete FCF conversion — trading at 14.9x forward earnings near a 52-week low as the market over-penalizes Apoquel genericization risk; the permanent impairment probability is low, the reinvestment runway extends a decade-plus, and the risk/reward asymmetry at current prices is clearly favorable for a long-term owner.”