Company Reports

Narrow-moat-rated Vontier posted solid fourth-quarter results, as its full-year revenue of $3.095 billion and adjusted EPS of $2.89 both beat our estimates of $3.084 billion and $2.86. After rolling our model forward one year, we’ve raised our fair value estimate to $40 from $38, driven by our slightly more optimistic near-term expectations as well as time value of money.

Vontier’s business model is an iteration of the Danaher Business System playbook, which the firm inherited from its former parent companies, Danaher and Fortive. The Vontier Business System focuses on acquiring moatworthy companies, boosting their operating margins through continuous improvement, and reinvesting cash flows in further M&A deals.

Vontier’s business model is an iteration of the Danaher Business System playbook, which the firm inherited from its former parent companies, Danaher and Fortive. The Vontier Business System focuses on acquiring moatworthy companies, boosting their operating margins through continuous improvement, and reinvesting cash flows in further M&A deals.

Following the firm’s third-quarter earnings release, we’ve increased our fair value estimate for narrow-moat-rated Vontier to $38 from $37, mostly due to the time value of money. We see the name as modestly undervalued, with shares currently trading in 4-star territory.

Narrow-moat-rated Vontier’s second-quarter adjusted EPS of $0.67 came in above management’s previous $0.61-$0.66 guidance range. We’ve made some puts and takes in our model, but we are maintaining our $37 fair value estimate, as nothing in the earnings release alters our long-term view of the firm. We see the name as modestly undervalued, with shares currently trading roughly 20% below our fair value estimate.

Vontier’s business model is an iteration of the Danaher Business System playbook, which the firm inherited from its former parent companies, Danaher and Fortive. The Vontier Business System focuses on acquiring moatworthy companies, boosting their operating margins through continuous improvement, and reinvesting cash flows in further M&A deals.

We are maintaining our $37 fair value estimate for narrow-moat-rated Vontier, as nothing in the firm’s first-quarter results materially alters our long-term thesis. We continue to view the stock as undervalued, currently trading at a roughly 25% discount to our fair value estimate.

Vontier’s business model is an iteration of the Danaher Business System playbook, which the firm inherited from its former parent companies, Danaher and Fortive. The Vontier Business System focuses on acquiring moatworthy companies, boosting their operating margins through continuous improvement, and reinvesting cash flows in further M&A deals.

We are maintaining our $37 fair value estimate after reviewing narrow-moat-rated Vontier’s 2023 investor day materials. While our long-term view of the company remains unchanged, we think the presentation did a good job highlighting how Vontier has positioned its portfolio to capture opportunities due to the energy transition, including solutions for electric vehicle charging network operators at Driivz, low-carbon fueling infrastructure at ANGI, and telematics solutions at Teletrac Navman.

Vontier’s business model is an iteration of the Danaher Business System playbook, which the firm inherited from its former parent companies, Danaher and Fortive. Vontier Business System focuses on acquiring moatworthy companies, boosting their operating margins through continuous improvement, and reinvesting cash flows in further M&A deals.

Narrow-moat Vontier’s fourth-quarter adjusted EPS of $0.81 beat our estimate by $0.08 as the company benefited from an easing in supply chain constraints. After rolling our model forward one year, we’ve bumped our fair value estimate for Vontier to $37 from $36.50, mostly due to time value of money. The stock closed up nearly 10% following the earnings release, but we continue to see the name as undervalued, with shares trading at a roughly 30% discount to our updated fair value estimate.

Vontier’s business model is an iteration of the Danaher Business System playbook, which the firm inherited from its former parent companies, Danaher and Fortive. Vontier Business System focuses on acquiring moatworthy companies, boosting their operating margins through continuous improvement, and reinvesting cash flows in further M&A deals.

Narrow-moat-rated Vontier’s third-quarter adjusted EPS of $0.86 was in line with FactSet consensus expectations, but the company issued disappointing fourth-quarter guidance of $0.73-$0.78 (well below the $0.93 consensus estimate). After reviewing our forecast, we’ve cut our fair value estimate to $36.50 from $40.50, as we reduced our revenue growth and operating margin projections.

Vontier’s business model is an iteration of the Danaher Business System playbook, which the firm inherited from its former parent companies, Danaher and Fortive. Vontier Business System focuses on acquiring moatworthy companies, boosting their operating margins through continuous improvement, and reinvesting cash flows in further M&A deals.

Narrow-moat-rated Vontier delivered solid second-quarter results, with adjusted EPS of $0.72 up 18% from the prior-year period. Management reiterated its full-year 2022 outlook and continues to anticipate core revenue growth in the low to midsingle digits and adjusted EPS in the range of $3.20-$3.30. We’ve lowered our fair value estimate for Vontier to $40.50 from $42.50, which reflects our slightly more conservative long-term revenue growth and operating margin assumptions, partially offset by time value of money.

Vontier’s business model is an iteration of the Danaher Business System playbook, which the firm inherited from its former parent companies, Danaher and Fortive. Vontier Business System focuses on acquiring moatworthy companies, boosting their operating margins through continuous improvement, and reinvesting cash flows in further M&A deals.

We are maintaining our $42.50 fair estimate for narrow-moat-rated Vontier. The company posted solid first-quarter results, featuring 5.7% reported revenue growth and an 11% increase in adjusted earnings per share from the same period last year. We’ve made some puts and takes in our model, but nothing in the earnings release materially alters our long-term outlook for Vontier. We continue to see the shares as undervalued, currently trading in 5-star territory.

Vontier’s business model is an iteration of the Danaher Business System playbook, which the firm inherited from its former parent companies, Danaher and Fortive. Vontier Business System focuses on acquiring moatworthy companies, boosting their operating margins through continuous improvement, and reinvesting cash flows in further M&A deals.

Vontier’s business model is an iteration of the Danaher Business System playbook, which the firm inherited from its former parent companies, Danaher and Fortive. Vontier Business System focuses on acquiring moatworthy companies, boosting their operating margins through continuous improvement, and reinvesting cash flows in further M&A deals.

Narrow-moat-rated Vontier posted solid fourth-quarter results, as its adjusted EPS of $0.83 beat the FactSet consensus estimate by $0.03. Furthermore, management’s full-year 2022 adjusted EPS guidance range of $3.05 to $3.15 came in above both consensus and our expectations ($2.80 and $2.92, respectively).