Analyst Note
| Krzysztof Smalec, CFA |Narrow-moat-rated Colfax ended 2020 on a solid note, as its fourth-quarter adjusted EPS of $0.51 came in a penny above the FactSet consensus estimate. After rolling our model forward one year, we’ve increased our fair value estimate to $41 from $36, which reflects the firm's solid execution, our more optimistic near-term revenue growth projections, as well as time value of money.