XYL Enters H218 on a Strong Footing
As expected, concerns surrounding margin dynamics with Q118 results proved short-lived. XYL executed very well in Q218, orders were again strong and the company remains on track to deliver EPS growth of >20% YoY in FY18. Moreover, we already see the platform being set for another year of 15%+ EPS growth in FY19. Reiterate Overweight with PT increased to $85 (~25x FY19E EPS).Xylem is water technology company. The company designs, manufactures and services engineered solutions ranging across a variety of applications primarily in the water sector, but also in electric and gas. The company's business segments are: water infrastructure, which serves the water infrastructure sector with pump systems, filtration, ultraviolet and ozone systems and pumping solutions; Applied Water, which serves the usage applications sector with water pressure boosting systems; and Measurement and Control Solutions, which serves the utility infrastructure solutions and services sector by delivering communications, smart metering, measurement and control technologies and infrastructure technologies.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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