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.