UL Solutions Inc Class A common stock

ULS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$57.00	Svgxmv	Nyyknkr

UL Solutions Earnings: Industrial Segment Drives Strong Results, but Valuation Appears Elevated

Brett Castelli

Aug 1, 2024

We will incorporate UL Solutions’ second-quarter results into our model in the coming days but at first glance do not anticipate changing our $38 fair value estimate. Shares rose 10% on July 31 following results, extending outperformance since its April initial public offering. We think UL is a high-quality business in the safety science industry and expect it to deliver steady results, but shares appear overvalued.

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