Very Solid Results From Roper’s Third-Quarter Report; We Raise our FVE on Time Value of Money

We see no reason to materially alter our long-term assumptions following wide-moat Roper’s third-quarter results. However, we lift our fair value estimate to $530 from $520 due to the time value of money. We’ve also incorporated management’s revised full-year 2022 guidance. We’re now modeling $14.13 of adjusted EPS on a continuing basis, or the top-end of management’s earnings guidance. This reflects our view that we think there’s some conservatism in management’s outlook.