The last year has not been all that great for the shares of European specialty instrumentation and controls company Spectris (OTCPK:SEPJY) (SXS.L), though the stock has done pretty well compared to peer group members like Mettler-Toledo (NYSE:MTD), Danaher (NYSE:DHR), and MTS Systems (NASDAQ:MTSC) over the past two and five years. As a leader in a collection of niche specialty instrumentation markets, Spectris has not only established strong margins and returns on capital, but is also uncommonly diversified across industries and geographies.
As a play on automation, Spectris should have a pretty good long-term outlook. Spectris is still small enough to benefit from bolt-on acquisitions, but large enough to compete globally without sacrificing...
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