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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation

Strong Quarter for Ametek Leads Us to Bump Up Its Fair Value Estimate to $145

Narrow-moat-rated Ametek turned in a very solid fourth-quarter earnings report that outpaced our expectations, though nothing materially alters our long-term view. We lift our fair value estimate to $145, in line with the stock price. However, most of our valuation uplift was due to timing of cash flows and time value of money. We did give Ametek a slight 25-basis-point bump at our midcycle margin, however. Ametek's sales came in at $1.626 billion, well ahead of the $1.567 billion we were hoping to see.

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