Roper Once Again Outperforms Expectations in 2Q; Raising FVE to $226 from $217
We are raising our fair value estimate for Roper Technologies to $226, from $217. About $2 of the increase relates to adjustments for 2018 projections on the strength of recent outperformance (related to both the top line and margins), with another dollar for stage II growth assumptions, and the remainder due to the time value of money. Even as we are impressed by recent outperformance and management’s stewardship of the firm, we still view the firm as fundamentally overvalued, even considering ...Roper Technologies designs and develops software and engineered products and solutions for a variety of end markets. The company has four segments: Application Software, which includes Aderant, CBORD, CliniSys, and Data Innovations; Network Software and Systems, which includes ConstructConnect, DAT, Foundry, Inovonics; Measurement and Analytical Solutions, which includes Alpha, CIVCO Medical Solutions, CIVCO Radiotherapy, Dynisco, FMI, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon; and Process Technologies, which includes AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran, Zetec.
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