Pentair's 3Q Adjusted EPS Rose 20% on 1% Higher Sales and Cost-Cutting; Split-up on Track; Raise FVE
We expect to raise our fair value estimate for narrow-moat Pentair to roughly $65 from $63 previously due to solid operating results and progress toward a planned eventual split-up into separate Water (to be named Pentair) and Electrical (nVent) companies by mid-2018. We believe the split into two pure-plays will sharpen focus on core activities and may entice suitors for one or both of the new entities.Third-quarter adjusted EPS of $0.95 rose 22% versus $0.78 one year ago. Early signs of a th...
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