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Nordson Corp NDSN

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Morningstar’s Analysis

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Nordson Maintains Solid Momentum in Fiscal Third Quarter; Increasing Fair Value Estimate

Analyst Note

| Krzysztof Smalec, CFA |

Narrow-moat-rated Nordson delivered strong fiscal third-quarter results, as its sales of $647 million and EPS of $2.42 both easily beat FactSet consensus estimates ($604 million and $2.08, respectively). We’ve increased our fair value estimate for Nordson to $217 from $212, which reflects the firm’s outperformance, an improved near-term outlook, and time value of money, partially offset by the implementation of a probability-weighted change in the U.S. statutory tax rate in our model.

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Company Profile

Business Description

Nordson is a manufacturer of equipment (including pumps, valves, dispensers, applicators, filters, and pelletizers, among other equipment) used for dispensing adhesives, coatings, sealants, and other materials. The firm serves a diverse range of end markets including packaging, medical, electronics, and industrial. Nordson’s business is organized into two segments: industrial precision solutions (54% of sales in fiscal 2020) and advanced technology solutions (46% of sales in fiscal 2020). The company generated approximately $2.1 billion in revenue and $350 million in operating income in its fiscal 2020.

28601 Clemens Road
Westlake, OH, 44145
T +1 440 892-1580
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Jul 31, 2021
Fiscal Year End Oct 31, 2021
Stock Type Cyclical
Employees 6,800