Slowing Refrigeration Sales Cool an Otherwise Fine Quarter at Dover; Shares Look Fairly Valued
We’re raising our fair value estimate for narrow-moat Dover to $83 per share from $80 to reflect the time value of money since our last update as well as slightly higher near-term revenue and profitability estimates. Dover increased sales 17% year over year to $2 billion in the third quarter. Organic revenue growth contributed 9% and the remainder came from acquisitions and foreign exchange. Sales continued to bounce back in Dover’s energy segment, which reported an organic increase of 31% from ...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.
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