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Mettler-Toledo International Inc MTD

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Stock XNYS Rating as of
$1,102.84 −1.63 (0.15%)
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As of Delayed Price Post-Trading: $1,102.84 0.00
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Company Report

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Mettler-Toledo Earnings: Relentless Headwinds Hit Revenue, Limiting Near-Term Growth Prospects

Julie Utterback, Ava Gams

We are retaining our $880 fair value estimate for narrow-moat Mettler-Toledo as third-quarter results were about as we anticipated. Given persistent headwinds to top-line growth, including weaker demand in China and broader macroeconomic factors, which we expect to continue in the near term, we have adjusted our forecasts slightly. These changes to our assumptions were largely offset by cash flows generated since our last valuation, resulting in an unchanged fair value estimate. At current prices, the shares appear overvalued.

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Price vs Fair Value

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MTD is trading at a 26% premium.
Price
$1,104.49
Fair Value
$782.00
Uncertainty
Medium
1-Star Price
$8,815.00
5-Star Price
$224.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Despite the slow market growth of balances, Mettler has consistently produced double-digit earnings growth with its marketing and efficiency initiatives along with share repurchases.

Bears

Mettler’s large share-buyback program could be destroying shareholder value, with the firm continually adding leverage to buy back what we view as overpriced stock.

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Trading Information

Previous Close Price
$1,104.47
Day Range
$1,097.36–1,117.89
52-Week Range
$928.50–1,615.97
Bid/Ask
$441.51 / $1,766.03
Market Cap
$23.91 Bil
Volume/Avg
118,572 / 182,271

Key Statistics

Price/Earnings (Normalized)
27.08
Price/Sales
6.26
Dividend Yield
—
Dividend Yield (Forward)
—
Total Yield
4.17%

Company Profile

Mettler-Toledo supplies weighing and precision instruments to customers in the life sciences, industrial, and food retail industries. 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: United States around 30% of sales, Europe around 30%, China around 20%, and the rest of the world around 20%.
Sector
Healthcare
Industry
Diagnostics & Research
Stock Style Box
Mid Core
Total Number of Employees
18,000
Website
https://www.mt.com

Competitors

Valuation

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Metric
MTD
SRT3
DHR
Price/Earnings (Normalized)
 27.0851.6124.03
Price/Book Value
 —9.533.15
Price/Sales
 6.262.735.60
Price/Cash Flow
 23.6714.3119.16
Price/Earnings
MTD
SRT3
DHR

Financial Strength

Metric
MTD
SRT3
DHR
Quick Ratio
 0.660.551.76
Current Ratio
 1.121.492.26
Interest Coverage
 15.3112.1925.14
Quick Ratio
MTD
SRT3
DHR

Profitability

Metric
MTD
SRT3
DHR
Return on Assets (Normalized)
 26.76%5.37%7.50%
Return on Equity (Normalized)
 —20.63%12.81%
Return on Invested Capital (Normalized)
 47.67%9.36%9.02%
Return on Assets
MTD
SRT3
DHR

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