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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation

Ametek Earnings: Strong Incremental Demand Gives Us Confidence in Long-Term Value

Following our review of narrow-moat-rated Ametek’s first-quarter results, we lift our fair value estimate to $149 from $145. Most of the raise is due to time value of money, though some is due to raised guidance. Management raised the midpoint of the full-year 2023 adjusted EPS range to $6.03 from $5.92 previously. We lift our full-year adjusted EPS assumption to $6.16, or 6 cents above the upper end of guidance, but we point out that we bake in unannounced acquisitions, which are an important part of Ametek’s future earning power. If we were to exclude the impact of unannounced M&A, we would agree with management’s assessment.

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