Dover’s 2Q Results Still Reveal Pain Points, but We Anticipate Future Strength in Retail Fueling
Despite mixed second-quarter results, we're raising our fair value estimate for narrow-moat Dover by $2 to $67. The change reflects a change in the time value of money since our last update, as well as our optimism in a strengthening retail fueling portfolio following closure of the $780 million Wayne Fueling acquisition in late 2016. Dover’s revenue fell 4% year over year to $1.7 billion, as acquisitions offset 7% of sales declines by 3 percentage points. We anticipated ongoing weakness in Dove...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.