I wrote on bearings and velocity control products company Kaydon (KDN)
in early March of this year, and I didn't see a lot of value at the
time. As the year went on, that call looked worse and worse, as the
stock climbed about 18% - well above the S&P 500, and well above
industry peers/competitors like Timken (TKR) and SKF (SKFRY.PK).
To top it all off, Kaydon announced this morning (September 5) that it
had received and accepted a buyout offer from SKF valuing the company at
$35.50 - some 45% higher than the price when I thought it looked only
about 10% undervalued. So what did I get wrong here, and what can
investors do to avoid a similar mistake?
Please follow this link to continue:
Two Valuable Lessons From Kaydon's Sale To SKF
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