Upgrade to premium to see the full reasoning behind each conviction change.
Sign in to unlockFair Value Distribution — percentile bands
0.0% of simulations place fair value above current price
WHAT IS PRICED IN
Revenue-Based Reverse DCF
18.8%/yr
±5.0% · revenue growth to justify current price
FCF-Based Reverse DCF
14.3%/yr
±2.9% · FCF growth to justify current price
THE GAP
Market pricing margin expansion or capex normalization
Upgrade to premium for full distribution data, sensitivity analysis, and segment breakdowns.
Sign in to unlockNon-discretionary spend = recession resistant; regulatory standards only tightening; post-Danaher spin premium.
Slower organic growth; acquisition integration; macro capex freeze delays projects.
Industrial capex freeze delays water infrastructure; acquisition proves dilutive.
Updated Mar 30
FY2025 revenue .5B (+6.0% GAAP, +4.7% core). Operating margins flat at 23.2%. Recurring revenue 61%. WQ segment +5.9% sales, +100bps margin. PQI +6.2% sales, -50bps margin. Strong cash generation .077...