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Mettler-Toledo International Inc MTD

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Narrow-Moat Mettler-Toledo Beats (Again) and Raises Guidance for 2021, Shares Remain Expensive

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

Narrow-moat Mettler-Toledo reported another good quarter with year-over-year local currency sales growth of 7% and adjusted EPS of $9.26, compared with $7.78 in the prior year. While we may marginally increase our fair value estimate after incorporating full-year results from annual filings, expected next week, shares remain expensive, in our view. With the worst impact from COVID-19 mitigation measures now in the rearview mirror, we expect Mettler to resume clockwork-like mid-single-digit growth and near-100 basis points of annual operating margin expansion over the coming years.

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Company Profile

Business Description

Mettler-Toledo supplies weighing and precision instruments to customers in the life sciences (50% of sales), industrial (42%), and food retail industries (8%). 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, Western Europe around 20%, Switzerland around 20%, China around 20%, and the rest of the world around 10%.

1900 Polaris Parkway
Columbus, OH, 43240
T +1 614 438-4511
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Classic Growth
Employees 16,500