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.