Spinning Off Volatile Apergy Should Help Close the Gap between Dover’s Price and Value
We increased our fair value estimate for Dover Corporation to an $86 fair value estimate, from $81 previously, after transferring coverage to a new analyst. However, we retain our narrow moat, Standard stewardship, and medium uncertainty ratings. The current market price is about an 8% discount to our intrinsic value, or nearly 18 times our forward 2018 EPS estimate.Three major, related factors impact our fresh take: first, the spin-off of the firm’s upstream oil and gas business, now the publi...
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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