Report
Seth Goldstein
EUR 100.00 For Business Accounts Only

Maintaining $180 FVE as Ecolab Reports Solid 1Q Results; Shares Fairly Valued

Ecolab reported solid first-quarter results, as operating income grew 9% year on year to $452 million on a fixed-currency basis, driven primarily by the industrial segment. In the earnings release, management maintained its 2019 adjusted EPS guidance of $5.80 to $6.00. We continue to think this is achievable. We forecast that Ecolab will come in toward the high end of management's range. With our outlook largely unchanged, we maintain our $180 per share fair value estimate for Ecolab. Our wide m...
Underlying
Ecolab Inc.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Seth Goldstein

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