Company Reports

Narrow-moat-rated Ingersoll Rand’s first-quarter adjusted earnings per share of $0.78 beat the FactSet consensus estimate by 13.3%, but sales fell 1.8% short of expectations. The sales shortfall, coupled with a slowdown in organic orders, sent the shares down roughly 7% in intraday trading May 3. We are maintaining our $78 fair value estimate, as our more muted near-term revenue growth projections were offset by our more optimistic profitability assumptions and the time value of money. We see the market reaction as a function of elevated expectations, as the stock closed roughly 13% above our fair value estimate before the earnings release.

In February 2020, Gardner Denver acquired the former Ingersoll Rand’s industrial business in a transformative reverse Morris trust transaction. The combined entity took on the Ingersoll Rand name and stock ticker.

Narrow-moat-rated Ingersoll Rand finished 2023 in strong fashion, as its full-year revenue of $6.876 billion and adjusted EPS of $2.96 both beat our respective estimates of $6.809 billion and $2.83. After rolling our model forward one year, we’ve raised our fair value estimate to $78 from $71, which reflects our slightly more optimistic midcycle operating margin assumptions as well as time value of money.

In February 2020, Gardner Denver acquired the former Ingersoll Rand’s industrial business in a transformative reverse Morris trust transaction. The combined entity took on the Ingersoll Rand name and stock ticker.

Following narrow-moat-rated Ingersoll Rand’s 2023 investor day on Nov. 30, we are raising our fair value estimate to $71 from $69, mostly driven by our slightly more optimistic midcycle margin assumptions.

In February 2020, Gardner Denver acquired the former Ingersoll Rand’s industrial business in a transformative reverse Morris trust transaction. The combined entity took on the Ingersoll Rand name and stock ticker.

In February 2020, Gardner Denver acquired the former Ingersoll Rand’s industrial business in a transformative reverse Morris trust transaction. The combined entity took on the Ingersoll Rand name and stock ticker.

We've raised our fair value estimate for narrow-moat-rated Ingersoll Rand to $69 from $67 after the company posted solid third-quarter results, featuring a 23% year-over-year increase in adjusted EBITDA. Management raised the full-year outlook for the third time this year and now anticipates organic revenue growth of 9%-11% (up from 8%-10%) and adjusted EBITDA of $1,730 million-$1,770 million (up from $1,690 million-$1,740 million). The fair value increase is driven by our slightly more optimistic near-term revenue growth projections as well as time value of money.

In February 2020, Gardner Denver acquired the former Ingersoll Rand’s industrial business in a transformative reverse Morris trust transaction. The combined entity took on the Ingersoll Rand name and stock ticker.

We’ve raised our fair value estimate for narrow-moat-rated Ingersoll Rand to $67 from $65 after the company reported solid second-quarter results, with double-digit year-over-year growth in organic revenue and adjusted EBITDA, and raised its full-year outlook for the second time this year. The fair value adjustment reflects our higher near-term revenue growth projections as well as the time value of money.

In February 2020, Gardner Denver acquired the former Ingersoll Rand’s industrial business in a transformative reverse Morris trust transaction. The combined entity took on the Ingersoll Rand name and stock ticker.

Narrow-moat-rated Ingersoll Rand reported strong first-quarter results, featuring a 33% year-over-year increase in adjusted EPS, from $0.49 to $0.65. We've increased our fair value estimate to $65 from $63, which reflects our slightly more optimistic revenue growth projections and time value of money. We see the name as modestly undervalued, with shares currently trading in 4-star territory.

In February 2020, Gardner Denver acquired the former Ingersoll Rand’s industrial business in a transformative reverse Morris trust transaction. The combined entity took on the Ingersoll Rand name and stock ticker.

Narrow-moat-rated Ingersoll Rand ended 2022 with a solid fourth quarter, as its full-year revenue of $5,916 million and adjusted EPS of $2.36 both came in above our expectations ($5,823 million and $2.17, respectively). After rolling our model forward one year, we've modestly raised our fair value estimate to $63 from $62, mostly due to time value of money.

Narrow-moat Ingersoll Rand posted strong third-quarter results, with adjusted EPS of $0.62 up 9% from the prior-year period despite a $0.05 foreign-exchange headwind. We’ve raised our fair value estimate to $62 per share from $61 to reflect our slightly more optimistic near-term revenue growth projections as well as the time value of money. We view the name as modestly undervalued, currently trading in 4-star territory.

In February 2020, Gardner Denver acquired the former Ingersoll Rand’s industrial business in a transformative reverse Morris trust transaction. The combined entity took on the Ingersoll Rand name and stock ticker.

We’ve increased our fair value estimate for narrow-moat-rated Ingersoll Rand to $61 from $60 after the company reported solid second-quarter results, with adjusted EBITDA of $335 million up 15% from the same period last year. Our fair value increase is mostly due to time value of money.

On Feb. 29, 2020, Gardner Denver acquired former Ingersoll Rand’s industrial business in a transformative Reverse Morris Trust transaction. The combined entity took on the Ingersoll Rand name and stock ticker.

Narrow-moat-rated Ingersoll-Rand posted solid first-quarter results, featuring 18% revenue growth and a 24% increase in adjusted EBITDA compared with the same period last year. We’ve bumped our fair value estimate for Ingersoll-Rand to $60 from $59, mostly due to time value of money. We see the name as undervalued, with shares currently trading in 4-star territory.

On Feb. 29, 2020, Gardner Denver acquired former Ingersoll-Rand’s industrial business in a transformative Reverse Morris Trust transaction. The combined entity took on the Ingersoll-Rand name and stock ticker.