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Idex Ends 2020 on a Solid Note; Raising Fair Value

Analyst Note

| Krzysztof Smalec, CFA |

Narrow-moat-rated Idex reported strong fourth-quarter results, as its sales of $615 million and adjusted EPS of $1.37 both came in ahead of FactSet consensus estimates of $602 million and $1.31, respectively. After rolling our model forward one year, we’ve raised our fair value estimate for the cash compounder to $196 from $190, which reflects solid performance, an improving outlook, and time value of money. We see shares as fairly valued at current levels.

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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 7,000 employees. The company generated $2.4 billion in revenue and $537 million in adjusted operating income in 2020.

3100 Sanders Road, Suite 301
Chicago, IL, 60062
T +1 847 498-7070
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 7,075