Few Surprises In Ecolab's Detailed Results; Maintaining $146 FVE With Outlook Largely Unchanged
Ecolab reported detailed fourth-quarter 2018 results that were in line with our expectations as higher prices drove operating income growth in all segments after adjusting for currency and acquisitions. The company previously reported high-level results on Feb. 4. With our outlook largely unchanged, we maintain our $146 per share fair value estimate and our wide-moat rating on Ecolab.In the industrial segment, which includes the water business, operating income grew 5% year on year during the q...
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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