No Surprises in Entegris' 2Q Results; Maintaining FVE
Nothing about narrow-moat-rated Entegris' latest results alters our long-term view of the firm. Even though the stock is down nearly 4% at the time of writing, we are maintaining both our $38 per share fair value estimate, as well as our narrow moat rating. For the second quarter of 2018, sales grew 16% year over year on a reported basis, and 4% sequentially. To us, this indicates that Entegris likely gained share during the quarter in its markets since its growth outpaced that of the industries...Entegris is a developer, manufacturer and supplier of microcontamination control products, chemicals and materials handling solutions for manufacturing processes in the semiconductor and other industries. The company has three segments: Specialty Chemicals and Engineered Materials, which provides process chemistries, gases, and materials; Microcontamination Control, which provides solutions to filter and purify liquid chemistries and gases used in semiconductor manufacturing processes and other industries; and Advanced Materials Handling segment, which develops solutions to monitor, protect, transport, and deliver liquid chemistries, wafers and substrates.
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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