Waters Corp

WAT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$621.00	Lwbnw	Wskqsxnfp

Waters Earnings: Margin Expansion Help Profits Withstand China and Currency Headwinds

Julie Utterback

Nov 7, 2023

Wide-moat Waters reported weak China demand in the third quarter that was more than offset by margin expansion on the bottom line. However, continued China and currency challenges caused management to push down its 2023 sales and adjusted EPS guidance a bit. At first glance, this reduction in 2023 expectations does not materially affect our $323 fair value estimate, though, and shares look moderately undervalued.

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