Morningstar

Morningstar, Inc.

Equity Bottom-Up

Waters' leadership in the liquid chromatography and mass spectrometry market gives it a compelling inherent competitive edge--the company’s large installed base of instruments generates high consumables utilization and benefits from a sticky base of sophisticated biopharma customers. In relative terms, Waters enjoys a greater portion of sales from high margin consumables and higher exposure to the biopharma market than close peers, such as Agilent. Additionally, the greater product…

<p>We are placing Waters under review as we transfer coverage to a new analyst. We expect to publish a new fair value estimate in the second quarter.</p>

United States

Waters Corporation provides high-performance liquid chromatography products and services.  The Company distributes its products worldwide to a wide range of industries such as pharmaceuticals, chemicals, and environmental testing. Waters also designs, manufactures, sells and services thermal analysis, rheometry and calorimetry instruments and related software products.