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Fortive Corp FTV

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Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Fortive Raises Full-Year 2021 Guidance After Strong Second Quarter; Increasing FVE

Analyst Note

| Krzysztof Smalec, CFA |

We are increasing our fair value estimate for narrow-moat-rated Fortive to $84 from $82 after the firm reported strong second-quarter results and raised its guidance for full-year 2021. Fortive’s second-quarter adjusted EPS of $0.66 came in $0.06 above the FactSet consensus estimate. Our fair value increase reflects an improved near-term outlook and time value of money. We see shares of the cash compounder as undervalued, with the stock trading in 4-star territory, roughly 18% below our updated fair value estimate.

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Company Profile

Business Description

Fortive is a diversified industrial technology firm with a broad portfolio of mission-critical products and services that include field solutions, product realization, health, and sensing technologies. The company serves a wide range of end markets, including manufacturing, utilities, medical, and electronics. Fortive generated roughly $4.6 billion in revenue and $976 million in adjusted operating income in 2020.

Contact
6920 Seaway Boulevard
Everett, WA, 98203
T +1 425 446-5000
Sector Technology
Industry Scientific & Technical Instruments
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 17,000

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