Good Recurring Revenue Growth for Waters Masks Weak Academic Spending in Q3
We're maintaining our wide moat rating and our fair value estimate for Waters following third-quarter results. The company had solid recurring revenue growth and fared well in its pharmaceutical end market, offsetting ongoing weakness in the TA business and a substantial pullback in academia. The shares look slightly overvalued at current levels.Waters' 5% growth in the quarter was in line with our expectations. However, results should be viewed as somewhat disappointing, considering the contin...
Waters is a holding company. Through its subsidiaries, the company is a specialty measurement company. The company primarily designs, manufactures, sells and services high performance liquid chromatography, ultra performance liquid chromatography and mass spectrometry technology systems and support products, including chromatography columns, other consumable products and post-warranty service plans. In addition, the company designs, manufactures, sells and services thermal analysis, rheometry and calorimetry instruments through its TA? product line. The company is also a developer and supplier of software-based products that interface with its instruments, as well as other manufacturers' instruments.
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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