Few Surprises in Ecolab's 4Q Results; We Think Shares Are Overvalued
Ecolab continued to rely on its stalwart institutional and industrial businesses in the fourth quarter, as weakness in its energy business persisted. Adjusted for currency and acquisitions, fourth-quarter sales fell 1% versus the same period in 2015. Operating income adjusted for currency was flat year over year at about $555 million. These results generally met our expectations, and with only minor adjustments to our cash flow forecast, our Ecolab fair value estimate ticks up to $104 per share ...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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