Dover Continues to Perform According to Our Long-Term Expectations
Nothing in narrow-moat-rated Dover’s second-quarter 2019 results alters our long-term view of the firm. As a result, we’re leaving the fundamental drivers in our model intact. That said, we plan to raise our fair value estimate by $1 to $94 per share (from $93 previously). The $1 raise is entirely attributable to the time value of money implicit in our discounted cash flow methodology. We also assume $5.82 of adjusted EPS for 2019, toward the high end of management’s recently tightened guidance....Dover is a manufacturer and solutions provider. The company provides services through five segments: Engineered Products, which provides a range of products, software and services; Fueling Solutions, which provides components, equipment and software and service solutions enabling transport of fuels and other hazardous fluids; Imaging and Identification, which includes supplying precision marking and coding; Pumps and Process Solutions, which includes manufacturing of pumps; and Refrigeration and Food Equipment, which provides equipment and systems that serve the commercial refrigeration, heating and cooling and food equipment markets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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