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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Crane Posts Strong Q3 Results and Raises Full-Year 2021 Guidance; Increasing Fair Value Estimate

Analyst Note

| Krzysztof Smalec, CFA |

Narrow-moat rated Crane delivered stellar third-quarter results, as its revenue of $834 million and adjusted EPS of $1.89 both crushed FactSet consensus estimates ($767 million and $1.36, respectively). We’ve raised our fair value estimate for Crane to $115 from $111, which reflects the firm’s outperformance and our more optimistic near-term projections. The stock surged by around 10% after the earnings release, but we continue to see Crane as modestly undervalued, with shares trading roughly 11% below our updated fair value estimate.

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Company Profile

Business Description

Crane Co. is a diversified industrial firm, manufacturing a broad range of products, including valves, vending equipment, payment acceptance equipment, and aerospace components. The firm’s business is organized into three segments: process flow technologies, payment & merchandising technologies, and aerospace & electronics. Headquartered in Stamford, Connecticut, Crane has approximately 11,000 employees and operates in 32 countries. Crane generated approximately $2.9 billion in revenue and $323 million in adjusted operating income in 2020.

Contact
100 First Stamford Place
Stamford, CT, 06902
T +1 203 363-7300
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 11,000

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