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Crane Raises Full-Year 2021 Guidance After Strong Second Quarter; Increasing Fair Value Estimate

Analyst Note

| Krzysztof Smalec, CFA |

We are raising our fair value estimate for narrow-moat rated Crane to $111 from $107 after the firm reported strong second-quarter results and raised its guidance for full-year 2021. Crane’s revenue of $796 million and adjusted EPS from continuing operations of $1.83 both crushed FactSet consensus estimates of $738 million and $1.39, respectively. Our fair value adjustment reflects Crane’s outperformance, an improved near-term outlook, and time value of money.

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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.

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