Idex Earnings: Disappointing First-Quarter Guidance Sends Shares Down

Wide-moat-rated Idex's fourth-quarter results were largely in line with our expectations, as its full-year adjusted EPS of $7.89 came in a penny above our estimate. Nonetheless, we've lowered our fair value estimate to $217 per share from $226, which reflects our more muted near-term revenue growth forecast, partially offset by the time value of money. The stock was down by around 9% in intraday trading, which we see as a reaction to the disappointing first-quarter guidance, as management expects a 3%-4% year-over-year organic revenue decline.