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Agilent Technologies Inc A

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Economic Moat




Raising Agilent’s Fair Value Estimate After Strong Q3 and Long-Term Investment Activities

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Agilent reported fiscal third-quarter results that put it on track to beat our near-term expectations. Considering that and higher cash flow expectations for the very long run based on its ongoing investment activities, we are raising our fair value estimate to $77 per share up from $69. We continue to believe a wide moat surrounds Agilent’s analytical instrument and diagnostic businesses. Also, Agilent's ongoing investments in other building blocks of medical therapies, such as expansion plans for its oligonucleotide business, add to its longer-term growth trajectory.  

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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 2019 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. (31%) 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 Jul 31, 2020
Fiscal Year End Oct 31, 2020
Stock Type Classic Growth
Employees 16,300