Ecolab's Growth Slows in Third Quarter; Narrow Moat, Based on Switching Costs, Remains Intact
Ecolab's acquisition-adjusted fixed currency sales were flat year over year, as gains in the institutional and industrial businesses were offset by weaker energy results. Operating income adjusted for currency was up about 5% year over year. These results generally met our expectations, and with only minor adjustments to our cash flow forecast our Ecolab fair value ticks up to $103 per share from $102, partially due to positive time value of money effects. Our narrow moat rating, based on high s...Ecolab is a provider of water, hygiene and energy technologies and services. The company's segments include: Global Industrial, which provides water treatment and process applications, and cleaning and sanitizing solutions in the manufacturing, food and beverage processing, chemical, power generation, pharmaceutical and commercial laundry industries; Global Institutional, which provides cleaning and sanitizing products to the foodservice, hospitality, lodging, healthcare, government, education and retail industries; and Global Energy, which serves the process chemicals and water treatment needs of the global petroleum and petrochemical industries in both upstream and downstream applications.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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