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Waters Corp WAT

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Morningstar’s Analysis

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Waters Beats Expectations in Fourth Quarter but Gives Cautious 2021 Outlook; Shares Overvalued

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Wide-moat Waters reported fourth-quarter operating results that beat our expectations and FactSet consensus, and we may mildly increase our fair value estimate once we fully incorporate these results into our model. However, our 2021 earnings expectation appears slightly above management's guidance, and we wouldn't expect our fair value estimate to approach recent share prices. We continue to see the stock as overvalued.

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Company Profile

Business Description

Water sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users. As a percentage of sales, Waters generates 59% from pharmaceutical customers, 30% from industrial clients, and 11% from academic/government institutions.

34 Maple Street
Milford, MA, 01757
T +1 508 478-2000
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 7,400