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Agilent Technologies Inc A

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Raising Fair Value Estimate After Agilent Boosts Outlook for Fiscal 2021 on Broad Strength

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Wide-moat Agilent reported first-quarter results that significantly beat FactSet consensus on the top and bottom lines, suggesting the company is continuing to gain market share and allowing management to boost its outlook for fiscal 2021 after only one quarter of results. We have raised our fair value estimate to $95 per share from $77 after increasing near-term estimates above management's new outlook ($6 of change), recognizing cash flow generated since our last update ($3 of change), and raising our longer-term cash flow projections given Agilent's continued investments in fast-growing end markets, such as its oligonucleotide business ($9 of change).

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Company Profile

Business Description

Originally spun out of Hewlett-Packard in 1999, Agilent has evolved into a leading life sciences and diagnostics firm. Today, Agilent's measurement technologies serve a broad base of customers with its three operating segments: life science and applied tools (45% of fiscal 2020 sales), cross lab (36% of sales consisting of consumables and services related to its life science and applied tools), and diagnostics and genomics (20%). Just over half of its sales are generated from the biopharmaceutical, chemical, and energy end markets, but it also supports clinical lab, environmental, forensics, food, academic, and government-related organizations. The company is geographically diverse, with operations in the U.S. (33%) and China (20%) representing the largest country concentrations.

5301 Stevens Creek Boulevard
Santa Clara, CA, 95051
T +1 800 227-9770
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Jan 31, 2021
Fiscal Year End Oct 31, 2021
Stock Type Classic Growth
Employees 16,400