Crane Co

CR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Crane: We See the Precision Sensors and Instrumentation Acquisition From Baker Hughes as a Good Fit

Krzysztof Smalec

Jun 9, 2025

We are raising our fair value estimate for narrow-moat-rated Crane to $161 from $157 following the company's announcement that it has agreed to acquire Baker Hughes' precision sensors and instrumentation business for $1.06 billion. The acquisition price reflects a multiple of approximately 17.7 times 2025 EBITDA, which we believe is reasonable considering the company's mid-single-digit revenue growth profile and its approximately 35% incremental operating margins. Crane's management expects the acquisition to reach a 10% ROIC by year five.

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Crane Co

Crane: We See the Precision Sensors and Instrumentation Acquisition From Baker Hughes as a Good Fit

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