Xylem Posts Standout 2Q, but We Think Shares Are Running Ahead of Fundamentals
Narrow-moat Xylem turned in a very strong quarter, and the market responded accordingly, with a nearly 9% rise in the stock price. The stock has seen a lot of near-term volatility, rising to about $79 at various points throughout March and April (aside from July 31), to a low of about $65-plus in June. We see the stock intrinsically worth towards the lower end of that range and are not surprised by the latest results, which are mostly in line with both our near-term forecasts and management's up...Xylem is water technology company. The company designs, manufactures and services engineered solutions ranging across a variety of applications primarily in the water sector, but also in electric and gas. The company's business segments are: water infrastructure, which serves the water infrastructure sector with pump systems, filtration, ultraviolet and ozone systems and pumping solutions; Applied Water, which serves the usage applications sector with water pressure boosting systems; and Measurement and Control Solutions, which serves the utility infrastructure solutions and services sector by delivering communications, smart metering, measurement and control technologies and infrastructure technologies.
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