Ecolab Inc

ECL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$137.00	Mwfxz	Gzyyvbnql

Maintaining $210 FVE as Ecolab Shares Rally on Q4 Cost Inflation Progress; Shares Undervalued

Seth Goldstein

Feb 14, 2023

After updating our model to incorporate Ecolab's fourth-quarter results, we maintain our $210 per share fair value estimate. During the quarter, Ecolab grew adjusted operating income 14% versus the prior-year quarter while continuing to make progress on its margin recovery versus the beginning of 2022. Management expects the growth will continue in 2023, guiding to first-quarter adjusted operating income growth of 15% to 25%.

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