Nordson Corp

NDSN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$318.00	Jhqbp	Gzsydwbg

Nordson: Maintaining $237 Fair Value After Announcement of EUR 960 Million ARAG Acquisition

Krzysztof Smalec

Jun 27, 2023

We do not expect any significant change to our $237 fair value estimate or our Standard capital allocation rating for narrow-moat-rated Nordson after the company announced the acquisition of ARAG Group. The all-cash transaction implies a EUR 960 million enterprise value for ARAG, which reflects a multiple of around 16.5 times 2023 EBITDA (and 13.5 times 2025 EBITDA including synergies). Nordson expects the deal to close in its fiscal fourth quarter.

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