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Colfax Corp CFX

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

No Major Surprises in Colfax’s Third-Quarter Results

Analyst Note

| Krzysztof Smalec, CFA |

Colfax posted solid third-quarter results, with sales up 20% and adjusted EPS up 32% year over year. Management maintained its full-year adjusted EPS outlook of $2.10 to $2.20 and expects results to be at the low end of the range. While there were no major surprises in Colfax’s earnings release, we’ve bumped our fair value estimate to $51 from $49.50, mostly due to time value of money since our last update. We see shares as fairly valued at current levels.

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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.

Contact
420 National Business Parkway, 5th Floor
Annapolis Junction, MD, 20701
T +1 301 323-9000
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 15,400