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Parker Hannifin Corp PH

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Morningstar’s Analysis

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As Transdigm Makes Unsolicited Offer for Meggitt, We Continue to Include Deal in Our Parker Model

Joshua Aguilar Equity Analyst

Analyst Note

| Joshua Aguilar |

Narrow-moat rated Parker Hannifin now has some competition with its proposed acquisition of wide-moat rated Meggitt. Despite the two parties having already reached a deal, Meggitt disclosed on Aug. 11 that it has received a non-binding and unsolicited, preliminary cash offer of 900 pence per share, or 100 pence more than Parker’ s bid and nearly double that of Meggitt’s stock price before the agreement with Parker Hannifin was announced.

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Company Profile

Business Description

Parker Hannifin is an industrial conglomerate operating two segments: diversified industrial, which serves a variety of end markets, and aerospace systems, which sells engine and actuation components. The diversified industrial segment consists of six groups, including engineered materials (sealing devices), filtration (filters and systems monitoring and removing contaminants from liquids and gases), fluid connectors (valves, couplings, and other fittings), instrumentation (flow manufacturing components and fluid control applications), and motion systems (hydraulic, pneumatic, and electromechanical components in industrial machinery and equipment). The segment boasts 15,500 independent distributors, and about 40% of its business occurs outside the United States.

6035 Parkland Boulevard
Cleveland, OH, 44124-4141
T +1 216 896-3000
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Jun 30, 2021
Fiscal Year End Jun 30, 2022
Stock Type Cyclical
Employees 54,640