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Dover Corp DOV

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Morningstar’s Analysis

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Long-Term Growth Exists in Fueling Solutions, but We’re not Excited by Risk-Reward in Dover’s Stock.

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Narrow-moat-rated Dover put out an excellent investor presentation on Nov. 19 showcasing its fueling solutions operations, which we think of as Dover’s highest growing segment on a go-forward basis. While we were impressed with leadership’s strategy and suite of innovative products, nothing that we heard today alters what we gather is an above-consensus (Cap IQ) view of the segment. Therefore, we leave our $108 fair value estimate intact. Fueling solutions benefits from a myriad of secular trends.

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Company Profile

Business Description

Dover is a diversified industrial manufacturing company with products and services that include digital printing for fast-moving consuming goods, marking and coding for the food and beverage industry, loaders for the waste collection industry, pumps for the transport of fluids, including petroleum and natural gas, and commercial refrigerators used in groceries and convenience stores. Most of the business operates in the United States. After the spin-off of Apergy, the company operates through five segments: engineered systems, fueling solutions, imaging and identification, pumps and process solutions, and refrigeration and food equipment.

3005 Highland Parkway
Downers Grove, IL, 60515
T +1 630 541-1540
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 24,000