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Ametek’s Results In Line With Expectations; We Will Raise FVE Only for Time Value of Money

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Nothing in narrow-moat-rated Ametek’s latest results causes us to alter our long-term view of the stock, and our near-term assumptions remain relatively unchanged. We expect fourth-quarter GAAP diluted EPS to come in toward the top end of the range at $0.90 per share (or $1.04 per share on an adjusted basis). This brings our full-year expectations to $3.72 on a GAAP basis and $3.91 on an adjusted basis. We are, however, going to raise our fair value estimate by 2% to $98 per share (from $96 previously), due entirely to time value of money and in line with the stock price.

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Company Profile

Business Description

Ametek is a diversified industrial conglomerate with about $5 billion in sales. The firm operates through two segments: electronic instruments, or EIG, and electromechanical, or EMG. EIG designs and manufactures differentiated and advanced instruments for the process, aerospace, power, and industrial end markets. EMG is a focused, niche supplier of highly engineered automation solutions, thermal management systems, specialty metals, and electrical interconnects, among other products. About half of the firm’s sales are made in the United States. The firm’s asset-light strategy in place for nearly two decades emphasizes growth through acquisitions, new product development through research and development, driving operational efficiencies, and global and market expansion.

1100 Cassatt Road
Berwyn, PA, 19312-1177
T +1 610 647-2121
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 18,100