Pentair 1Q Reflects Good Organic Growth and Wider Margins; Split Set for April 30; Maintaining FVE
We plan to maintain our $70 fair value estimate for narrow-moat Pentair following a solid first quarter, a slightly improved 2018 growth outlook, and the imminent split-up into Water (which will retain the Pentair name) and Electrical (named nVent) companies set for April 30. We believe the split into two pure plays will sharpen management's focus on core activities and may entice suitors for one or both new entities.Consolidated first-quarter adjusted EPS for Pentair of $0.88 compares imperfec...
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