Analyst Note
| Krzysztof Smalec |Narrow-moat-rated Pentair ended 2022 with a strong fourth quarter, as its adjusted EPS of $0.82 beat our estimate by $0.07. After rolling our model forward one year, we’ve increased our fair value estimate for Pentair to $62 from $60, which reflects our more optimistic long-term operating margin expectations, partially offset by our slightly more muted near-term revenue growth projections in the pool business.