1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
Mettler-Toledo once again beat expectations and raised guidance, continuing a pattern of outperformance that stretches back years, but was temporarily interrupted during the early months of the pandemic. We are maintaining our $670 fair value estimate as strong near-term performance has a muted impact on our longer-term forecasts. Our narrow-moat rating is unchanged, and we still see shares as overvalued.
Mettler-Toledo supplies weighing and precision instruments to customers in the life sciences (54% of 2020 sales), industrial (40%), and food retail industries (6%). Its products include laboratory and retail scales, pipettes, pH meters, thermal analysis equipment, titrators, metal detectors, and X-ray analyzers. Mettler leads the market for weighing instrumentation and controls more than 50% of the market for lab balances. The business is geographically diversified, with sales distribution roughly as follows: the United States around 30% of sales, Europe around 30%, China around 20%, and the rest of the world around 20%.
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