Being a disciplined value-oriented analyst can be a real pain sometimes, as it often forces you to hold off from buying names you'd really like to own. Filtration specialist Pall (NYSE:PLL) is a good case in point. The company has appealing returns on capital, a great, broad-based filtration business, and appealing upside to internal improvements. Unfortunately, the Street knows all about this name and the value just isn't there.
A Very Solid Start to the Fiscal Year
Pall certainly got its fiscal year off to a good start, posting nearly 12% revenue growth in constant currency terms and beating the average Wall Street guess by about 10%. Growth was led by 19% higher sales in the industrial category, while life sciences was hardly a laggard at 14%. Biopharma, energy/water and aeropower, were notable subcategories with strong growth, while performance in medical, food/beverage and microelectronics was less impressive.
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