Atlas Copco (OTCPK:ATLKY) won’t have the best quarter among multi-industrials this quarter, Honeywell (HON) and Dover (DOV)
already surpassed them in organic growth, but the level of
outperformance was startingly high all the same and further supports the
argument for Atlas Copco as a best-of-breed multi-industrial. Although
there are signs of deterioration if you look for them, management seemed
relatively unconcerned about the health of the business.
Atlas Copco ADRs have shot up about 20% since my last update
(the local shares have done better), when I said that the shares looked
about as promising as they get on valuation. It’s a lot harder to
reiterate that argument now, and I’d rather wait for a pullback than
chase these shares in what I still believe will prove to be a
decelerating macro backdrop.
Continue here:
Startlingly Good Results From Atlas Copco Support The Quality Premium Argument
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