MTD - Mettler-Toledo: Potential Best In Class With Buyback Program

• Mettler-Toledo is a high-quality operator in the life-sciences domain, with key drivers in place to fuel growth into 2021.
• China volumes have been the key takeaway from Q3 and YTD, and the portfolio is exposed ~18% to total sales from China.
• The buyback program makes shares attractive, with forward commitment to $2.5 billion in capital allocation for buybacks in coming years.
• The company is not a deep value proposition on price alone, but considering the business model and positioning, the upside comes at a premium.
• We are bullish on the long-term outlook of the company.

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