Initiating Coverage of Idex with Narrow Moat Rating and $140 FVE
We launch coverage of diversified industrial firm Idex with a narrow moat rating and a $140 fair value estimate. We also assign the company Standard stewardship, medium uncertainty, and stable moat trend ratings. Our fair value estimate implies a multiple of approximately 24 times our 2019 EPS estimate.We believe Idex has carved a narrow moat based primarily on customer switching costs and secondarily on intangible assets. Idex has a portfolio of moaty businesses that typically hold the number ...
IDEX is an applied solutions business that sells pumps, valves, flow meters and other fluidics systems and components and engineered products. The company's segments are: Fluid and Metering Technologies, which designs, produces and distributes positive displacement pumps, flow meters, injectors and other fluid-handling pump modules and systems; Health and Science Technologies, which designs, produces and distributes fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems; and Fire and Safety/Diversified Products, which designs, produces and distributes firefighting pumps, valves and controls, rescue tools, and lifting bags.
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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