After a Fresh Look at Pentair, We Modestly Trim FVE but Remain Optimistic About Long-Term Prospects
After taking a fresh look at Pentair, we modestly trim our fair value estimate to $44 from $45, primarily due to a slight reduction in our midcycle operating margin assumption from roughly 22% to 21%. That said, we remain optimistic about the company’s long-term prospects. After Pentair sold its valves and controls unit to Emerson in 2017 and spun off its electrical unit as nVent in 2018, we contend that the remaining water business can generate excess economic profits thanks to its narrow moat,...
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