Waters Corp

WAT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Waters Earnings: Raising Fair Value Estimate as Growth Expected to Normalize Soon

Julie Utterback

Nov 1, 2024

Wide-moat Waters delivered strong third-quarter results that included a return on demand in the instruments business and in Asia, two areas that had been weak in the 2023-24 reset period. As a result of this strength, management increased their 2024 guidance, including ending the year on a more normalized growth trajectory. After tinkering with our near-term expectations and accounting for recent cash flows, we boost our fair value estimate 5% to $340 per share. Shares remain about fairly valued.

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Waters Corp

Waters Earnings: Raising Fair Value Estimate as Growth Expected to Normalize Soon

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