Dover Corporation: Order momentum surprisingly slows

研报英文原文证据摘录

Dover Corporation: Order momentum surprisingly slows

Forecast returns

Forecast price appreciation 25.9%

Forecast dividend yield 1.0%

Forecast stock return 26.9%

Market return assumption 9.3%

Forecast excess return 17.6%

Company Description

Dover is a diversified industrial manufacturer that sells equipment, components, consumable

supplies, aftermarket parts, software, and services. The company has five segments:

Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process

Solutions, and Climate & Sustainability Technologies.

Valuation Method and Risk Statement

Our price target is based on relative P/E methodology.

Risk Statement: The Electrical Equipment and Multi Industry sector faces a broad range of

risks. It is cyclical in nature with exposure to the underlying cycles inherent in everything from

aviation, auto, trucking and trains to construction and consumer electronics to mining,

power, oil and gas and more depending on the specific stock. EEMI companies are subject to

risks associated with unexpected changes in the underlying global macro environment,

currency and interest rate movements, commodity price inflation as well as company-specific

execution, M&A, integration, labor relations and changes in the competitive or regulatory

environment. These changes can be in the form of product technology, e-commerce and

other digital disruption and/or channel disintermediation. Capacity and related pricing

pressures are also a risk through the cycle. Finally, these multinational companies are subject

to policy changes taking place in the United States and internationally, including those related

to environmental regulation and tariffs.

Company specific risks includes capital allocation vis a vis multiple paid and / or management