Mettler Should Largely Offset Tariff Effect via Productivity Improvements
We anticipate modestly raising our fair value estimate for Mettler-Toledo as the company delivered strong local-currency sales growth of 7% in the first quarter, ahead of our expectations. There are still uncertainties for the remainder of the year, but Mettler sounded upbeat on its full-year outlook (raising its local-currency forecast by 50 basis points) while acknowledging likely macro headwinds and potential implications from China-U.S. tariffs. The shares remain overvalued, in our view. Our...Mettler-Toledo International is a supplier of precision instruments and services. The company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics, and food retailing applications. The company also manufactures several related analytical instruments and provides automated chemistry solutions used in drug and chemical compound discovery and development. In addition, the company manufactures metal detection and other end-of-line inspection systems used in production and packaging and provides solutions for use in certain process analytics applications. The company has five segments: United States Operations, Swiss Operations, Western European Operations, Chinese Operations, and Other.
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.
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