DB:WAZ

Stock Analysis Report

Executive Summary

Waters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe.

Snowflake

Fundamentals

Proven track record with adequate balance sheet.


Similar Companies

Share Price & News

How has Waters's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0.5%

DB:WAZ

0.01%

DE Life Sciences

-0.7%

DE Market


1 Year Return

13.1%

DB:WAZ

23.1%

DE Life Sciences

-7.6%

DE Market

WAZ underperformed the Life Sciences industry which returned 16.5% over the past year.

WAZ outperformed the Market in Germany which returned -7.6% over the past year.


Share holder returns

WAZIndustryMarket
7 Day0.5%0.01%-0.7%
30 Day1.6%5.6%-0.9%
90 Day-9.1%13.9%-3.8%
1 Year13.1%13.1%24.2%23.1%-4.7%-7.6%
3 Year41.1%41.1%116.5%108.2%18.4%8.2%
5 Year144.4%144.4%178.5%163.5%28.8%11.1%

Price Volatility Vs. Market

How volatile is Waters's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Waters undervalued based on future cash flows and its price relative to the stock market?

27.2x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Waters's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Waters's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Waters is good value based on earnings compared to the Europe Life Sciences industry average.

Waters is overvalued based on earnings compared to the Germany market.


Price Based on Expected Growth

Waters is poor value based on expected growth next year.


Price Based on Value of Assets

Waters is overvalued based on assets compared to the Europe Life Sciences industry average.


Next Steps

Future Growth

How is Waters expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

3.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Waters's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).

Waters's earnings are expected to grow by 3% yearly, however this is not considered high growth (20% yearly).

Waters's revenue growth is positive but not above the Germany market average.

Waters's earnings growth is positive but not above the Germany market average.

Waters's earnings growth is expected to exceed the low risk savings rate of 0.2%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Waters will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has Waters performed over the past 5 years?

-7.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Waters's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.

Waters's 1-year earnings growth exceeds its 5-year average (2118.3% vs -7.9%)

Waters's earnings growth has exceeded the Europe Life Sciences industry average in the past year (2118.3% vs 8.9%).


Return on Equity

Whilst Waters made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.


Return on Assets

Waters used its assets more efficiently than the Europe Life Sciences industry average last year based on Return on Assets.


Return on Capital Employed

Waters has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Waters's financial position?


Financial Position Analysis

Waters is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Waters's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Waters's level of debt (118.7%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (73.3% vs 118.7% today).

Debt is well covered by operating cash flow (52.6%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 81.4x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 1.8x debt.


Next Steps

Dividend

What is Waters's current dividend yield, its reliability and sustainability?


Dividend Yield and Payments Analysis

Unable to evaluate Waters's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.

Unable to evaluate Waters's dividend against the top 25% market benchmark as the company has not reported any payouts.

Unable to perform a dividend volatility check as Waters has not reported any payouts.

Unable to verify if Waters's dividend has been increasing as the company has not reported any payouts.


Current Payout to Shareholders

Unable to calculate sustainability of dividends as Waters has not reported any payouts.


Future Payout to Shareholders

No need to calculate the sustainability of Waters's dividends in 3 years as they are not expected to pay a notable one for Germany.


Next Steps

Management

What is the CEO of Waters's salary, the management and board of directors tenure and is there insider trading?

3.4yrs

Average management tenure


CEO

Laurie Glimcher (67yo)

3.8yrs

Tenure

US$289,973

Compensation

Dr. Laurie H. Glimcher, M.D., has been the Chief Executive Officer and President of Dana-Farber Cancer Institute, Inc. since October 1, 2016. Dr. Glimcher has been Richard and Susan Smith Professor of Medi ...


Management Age and Tenure

3.4yrs

Average Tenure

58yo

Average Age

The tenure for the Waters management team is about average.


Board Age and Tenure

7.6yrs

Average Tenure

62yo

Average Age

The tenure for the Waters board of directors is about average.


Insider Trading

No 3 month individual insider trading information.


Recent Insider Transactions

Sell€428,12012 Mar 19
Terrence Kelly
EntityIndividual
Shares2,006
Max Price€213.42
Sell€78,85107 Mar 19
Robert Carson
EntityIndividual
Role
Senior VP of Corporate Development & Interim President of TA Business
Shares2,724
Max Price€213.15
Sell€311,84927 Feb 19
Laurie Glimcher
EntityIndividual
Role
Director
Chairman of the Board
Shares1,485
Max Price€210.00
Sell€633,51226 Feb 19
Michael Berendt
EntityIndividual
Role
Member of the Board of Directors
Shares3,000
Max Price€211.17
Sell€2,412,18214 Feb 19
Michael Harrington
EntityIndividual
Role
Senior Vice President of Global Markets
Shares22,400
Max Price€208.10
Sell€1,148,45713 Feb 19
Michael Silveira
EntityIndividual
Shares10,000
Max Price€206.28
Sell€132,99912 Feb 19
Terrence Kelly
EntityIndividual
Shares1,312
Max Price€205.69
Sell€1,179,72606 Feb 19
Elizabeth Rae
EntityIndividual
Role
Senior Vice President of Global Human Resources
Shares10,800
Max Price€203.78
Sell€297,63431 Jan 19
Thomas Salice
EntityIndividual
Role
Lead Director
Shares2,000
Max Price€202.78
Sell€2,312,10931 Jan 19
Michael Harrington
EntityIndividual
Role
Senior Vice President of Global Markets
Shares20,000
Max Price€201.60
Sell€2,995,02029 Jan 19
Ian King
EntityIndividual
Role
Senior Vice President of Global Products
Shares23,000
Max Price€199.42
Sell€89,22929 Jan 19
Terrence Kelly
EntityIndividual
Shares2,942
Max Price€200.17
Sell€2,375,46528 Jan 19
Mark Beaudouin
EntityIndividual
Role
Senior VP
Shares27,848
Max Price€197.53
Sell€69,52528 Jan 19
Francis Kim
EntityIndividual
Role
Senior Vice President of Global Operations
Shares913
Max Price€198.43
Sell€93,86904 Jan 19
JoAnn Reed
EntityIndividual
Role
Member of the Board of Directors
Shares708
Max Price€166.13
Buy€93,64904 Jan 19
JoAnn Reed
EntityIndividual
Role
Member of the Board of Directors
Shares2,792
Max Price€33.54
Sell€451,99004 Jan 19
Michael Berendt
EntityIndividual
Role
Member of the Board of Directors
Shares3,500
Max Price€162.68
Buy€116,81126 Dec 18
Edward Conard
EntityIndividual
Role
Member of the Board of Directors
Shares3,500
Max Price€33.37
Sell€189,79317 Dec 18
Michael Harrington
EntityIndividual
Role
Senior Vice President of Global Markets
Shares1,131
Max Price€167.81
Sell€1,155,48312 Dec 18
Terrence Kelly
EntityIndividual
Shares18,599
Max Price€168.61
Sell€400,61012 Dec 18
Terrence Kelly
EntityIndividual
Shares2,429
Max Price€164.93
Sell€860,41419 Nov 18
Christopher Kuebler
EntityIndividual
Role
Member of the Board of Directors
Shares8,000
Max Price€175.12
Sell€475,92801 Nov 18
Thomas Salice
EntityIndividual
Role
Lead Director
Shares3,500
Max Price€169.63
Sell€316,70828 Aug 18
Elizabeth Rae
EntityIndividual
Role
Senior Vice President of Global Human Resources
Shares4,000
Max Price€163.32

Ownership Breakdown


Management Team

  • Elizabeth Rae (61yo)

    Senior Vice President of Global Human Resources

    • Tenure: 3.4yrs
    • Compensation: $1.58m
  • Laurie Glimcher (67yo)

    Director

    • Tenure: 3.8yrs
    • Compensation: $289.97k
  • Sherry Buck (55yo)

    Senior VP & CFO

    • Tenure: 2.5yrs
    • Compensation: $2.63m
  • Robert Carson (45yo)

    Senior VP of Corporate Development & Interim President of TA Business

    • Tenure: 1.4yrs
    • Compensation: $3.78m
  • Mark Beaudouin (64yo)

    Senior VP

    • Tenure: 16.3yrs
    • Compensation: $2.11m
  • Michael Harrington (58yo)

    Senior Vice President of Global Markets

    • Tenure: 3.4yrs
    • Compensation: $2.42m
  • Ian King (62yo)

    Senior Vice President of Global Products

    • Tenure: 2.0yrs
    • Compensation: $2.17m
  • Francis Kim (52yo)

    Senior Vice President of Global Operations

    • Tenure: 1.4yrs
    • Compensation: $2.42m
  • Bryan Brokmeier

    Senior Director of Investor Relations

  • Chris O'Connell (52yo)

    Chairman & CEO

    • Tenure: 3.8yrs
    • Compensation: $8.26m

Board Members

  • Christopher Kuebler (65yo)

    Director

    • Tenure: 13.2yrs
    • Compensation: $307.47k
  • Laurie Glimcher (67yo)

    Director

    • Tenure: 1.6yrs
    • Compensation: $289.97k
  • Tom Salice (59yo)

    Lead Director

    • Tenure: 15.4yrs
    • Compensation: $336.47k
  • Linda Baddour (61yo)

    Director

    • Tenure: 0.8yrs
    • Compensation: $134.29k
  • Ed Conard (62yo)

    Independent Director

    • Tenure: 24.9yrs
    • Compensation: $314.97k
  • Gary Hendrickson (62yo)

    Director

    • Tenure: 0.8yrs
    • Compensation: $132.79k
  • Flemming Ornskov (61yo)

    Director

    • Tenure: 2.1yrs
    • Compensation: $294.47k
  • Michael Berendt (70yo)

    Independent Director

    • Tenure: 21.3yrs
    • Compensation: $297.97k
  • Chris O'Connell (52yo)

    Chairman & CEO

    • Tenure: 1.6yrs
    • Compensation: $8.26m
  • JoAnn Reed (63yo)

    Director

    • Tenure: 13.2yrs
    • Compensation: $319.97k

Company Information

Waters Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Waters Corporation
  • Ticker: WAZ
  • Exchange: DB
  • Founded: 1958
  • Industry: life sciences tools and services
  • Sector: pharmaceuticals & biotech
  • Market Cap: US$14.848b
  • Listing Market Cap: US$13.233b
  • Shares outstanding: 69.48m
  • Website: Click here

Number of Employees


Location

  • Waters Corporation
  • 34 Maple Street
  • Milford
  • Massachusetts
  • 1757
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
WATNYSE (New York Stock Exchange)YesCommon SharesUSUSDNov 1995
WAZDB (Deutsche Boerse AG)YesCommon SharesDEEURNov 1995
0LTILSE (London Stock Exchange)YesCommon SharesGBUSDNov 1995
WAT *BMV (Bolsa Mexicana de Valores)YesCommon SharesMXMXNNov 1995
WATC34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 1 REP 0.25 COM USD0.01BRBRLMay 2019

Biography

Waters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments, Waters and TA. The company designs, manufact ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/07/21 22:42
End of Day Share Price2019/07/19 00:00
Earnings2019/03/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.