Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Excellence At Spectris Has Not Gone Unrewarded

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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