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Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Crane Is Poised to Capitalize on Recovery, With Both Organic and Inorganic Growth Opportunities

Analyst Note

| Krzysztof Smalec, CFA |

Following narrow-moat rated Crane’s 2021 investor day, we are increasing our fair value estimate to $91 from $83, which reflects management’s more upbeat near-term outlook as well as our slightly more optimistic midcycle operating margin assumptions. Crane bumped its full-year 2021 adjusted EPS guidance range by a dime to $5.00 to $5.20, which reflects improving sales trends since the firm’s fourth quarter earnings release last month. Management now expects full-year core sales growth of around 3%, compared with 2% previously, driven by slightly better demand across all three core segments.

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Company Profile

Business Description

Crane Co. is a diversified industrial firm, manufacturing a broad range of products, including valves, vending equipment, payment acceptance equipment, aerospace components, and fiberglass-reinforced plastic panels. The firm’s business is organized into four segments: fluid handling, payment & merchandising technologies, aerospace & electronics, and engineered materials. Headquartered in Stamford, Connecticut, Crane has approximately 11,000 employees and operates in 32 countries. Crane generated approximately $2.9 billion in revenue and $323 million in adjusted operating income in 2020.

Contact
100 First Stamford Place
Stamford, CT, 06902
T +1 203 363-7300
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 11,000