Lincoln Electric Holdings Inc

LECO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$921.00	Jwhsj	Lnmggvnt

Lincoln Electric Earnings: Organic Sales Climb 8.5%, Fueled by Growth in Americas Welding

Krzysztof Smalec

Apr 28, 2023

We are raising our fair value estimate for narrow-moat-rated Lincoln Electric to $159 from $156 after the company reported solid first-quarter results, as the firm's sales of $1,039 million beat our $1,029 million estimate. The fair value increase reflects our slightly more optimistic near-term revenue growth projections as well as time value of money. We view the name as fairly valued at current levels, with shares trading in 3-star territory.

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