Pentair Q4 Reflects Better Organic Growth, Margins. Split-Up Targeted April 30. Raising FVE.
We expect to raise our fair value estimate for narrow-moat Pentair to roughly $69 per share from $66 previously due to an improved 2018 growth outlook, benefits from U.S. tax reform, and good progress toward a planned eventual split-up into separate Water (to be named Pentair) and Electrical (nVent) companies. We believe the split into two pure-plays, targeted for completion by April 30, will sharpen management focus on core activities and may entice suitors of one or both new entities.Third-qu...
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