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Another Solid Quarter for Ametek as Management Raises Its Full-Year EPS Guidance

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Narrow-moat Ametek’s second-quarter results were broadly in line with our expectations. We reduce our fair value estimate to $120 per share from $123, though this was entirely due to incorporating Morningstar’s probability-adjusted U.S. tax rate of 26% in 2022 and beyond in our discounted cash flow model. Without this impact, our fair value would have increased by 3% to $127, given that management raised full-year guidance to $4.65 at the midpoint from $4.52 previously. Management’s sunnier outlook for the year prompted us to raise our estimates for the year, particularly as we thought it previously baked in some conservatism, given the uncertain operating environment (particularly the semiconductor supply shortage) and the add-back of certain temporary COVID-related cost savings.

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Company Profile

Business Description

Ametek is a diversified industrial conglomerate with about $4.5 billion in sales. The firm operates through two segments: electronic instruments, or EIG, and electromechanical, or EMG. EIG designs and manufactures differentiated and advanced instruments for the process, aerospace, power, and industrial end markets. EMG is a focused, niche supplier of highly engineered automation solutions, thermal management systems, specialty metals, and electrical interconnects, among other products. About half of the firm’s sales are made in the United States. The firm’s asset-light strategy in place for nearly two decades emphasizes growth through acquisitions, new product development through research and development, driving operational efficiencies, and global and market expansion.

1100 Cassatt Road
Berwyn, PA, 19312-1177
T +1 610 647-2121
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 16,500