Waters' focus on operating discipline should serve it well in the constrained spending environment.
Waters Corporation reported strong last-quarter and full-year results, mainly in line with our expectations. For now, we are maintaining our fair value estimate of $164 and our wide moat rating.Last-quarter sales growth of 6% in constant currency was driven by pharma customers and the governmental/academic sector. Global industrial sales were flat against a tough comparison with the prior-year's quarter. U.S. market rebounded after a sluggish third-quarter performance, fueled by increased spend...
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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