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Colfax Corp CFX

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Morningstar’s Analysis

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Colfax Posts Solid Q1 Results and Raises Low End of Full-Year 2021 Guidance; Increasing FVE

Analyst Note

| Krzysztof Smalec, CFA |

Narrow-moat-rated Colfax delivered solid first-quarter results, as its sales of $879 million and adjusted EPS of $0.44 both beat FactSet consensus estimates of $838 million and $0.40, respectively. Management raised the low end of its full-year 2021 adjusted EPS guidance range to $2.05 to $2.15 (from $2.00 to $2.15, previously). We’ve bumped our fair value estimate to $47.50 from $46.50, which reflects the firm’s solid execution, an improved outlook, and time value of money.

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Company Profile

Business Description

Colfax is a diversified technology firm that produces welding equipment and medical devices. Following the sale of its air and gas handling business in 2019, Colfax’s remaining portfolio is organized into two segments: fabrication technology and medical technology. Fabrication technology is a leading manufacturer of equipment and consumables used in welding, cutting, and joining applications, mostly marketed under the ESAB brand name. The medical technology segment makes medical devices, including orthopedic braces, reconstructive implants, and other products used for rehabilitation, physical therapy, and pain management. The company generated roughly $3.1 billion in revenue in 2020.

420 National Business Parkway, 5th Floor
Annapolis Junction, MD, 20701
T +1 301 323-9000
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 15,400