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Dover Corp DOV

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Exceptionally Strong Quarter From Industrial Bellwether Dover Prompts Us to Raise FVE

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Narrow-moat rated Dover knocked the cover off the ball in its first-quarter 2021 earnings results. Despite us modeling at the highest point of the prior full-year guidance range for revenue and earnings, since we believed then that management was guiding conservatively, Dover is on track to materially outpace our, consensus’, and management’s own prior full-year 2021 expectations. On the heels of this outperformance, we lift our fair value estimate to $128 per share from $116 previously (about 10%).

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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.

Contact
3005 Highland Parkway
Downers Grove, IL, 60515
T +1 630 541-1540
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 23,000

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