ESAB Corp

ESAB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$95.00	Tvjvkw	Ftfsyfpv

ESAB Earnings: Strong Growth in Collaborative Robots and Gas Control

Krzysztof Smalec

Mar 1, 2024

Narrow-moat ESAB finished 2023 in a strong fashion as its full-year sales of $2.62 billion and adjusted EPS of $4.64 both came in above our estimates of $2.61 billion and $4.35, respectively. After rolling our model forward one year, we’ve raised our fair value estimate to $90 from $83, which reflects our slightly more optimistic midcycle operating margin assumptions and time value of money.

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