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Idex Raises Full-Year 2021 Guidance After Solid Second Quarter; Increasing Fair Value Estimate

Analyst Note

| Krzysztof Smalec, CFA |

Narrow-moat-rated Idex reported solid second-quarter results, with sales of $686 million and adjusted EPS of $1.61 both roughly in line with FactSet consensus expectations. We have increased our fair value estimate for Idex to $211 from $205 based on an improved near-term outlook as well as time value of money, partially offset by the implementation of a probability-weighted change in the U.S. statutory tax rate in our model.

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Company Profile

Business Description

Idex manufactures pumps, flow meters, valves, and fluidic systems for customers in a variety of end markets, including industrial, fire & safety, life science, and water. The firm’s business is organized into three segments: fluid & metering technologies, health & science technologies, and fire & safety and diversified products. Based in Lake Forest, Illinois, Idex has manufacturing operations in over 20 countries and has over 7,000 employees. The company generated $2.4 billion in revenue and $537 million in adjusted operating income in 2020.

Contact
3100 Sanders Road, Suite 301
Chicago, IL, 60062
T +1 847 498-7070
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 7,075

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