Analysis

IDEX Corporation – Fluid Solutions Provider and Quiet Compounder

Analysis / January 16, 2023

Business Overview IDEX Corporation is a diversified industrial machinery company with a focus on providing fluid control solutions. The company offers pumps, flow meters, injectors, valves, monitoring systems, drying systems, sealing solutions, and pneumatics, as well as various engineered and mixing products. Its business operations are broken down into 3 segments: Fluid & Metering Technologies …

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West Pharmaceutical Services – Global Leader in Injectable Solutions

Analysis / November 3, 2022

Business Overview West Pharmaceutical Services is the global market leader in packaging and delivery components for injectable drugs and healthcare products. The company maintains a market share of approximately 70% of the injectable primary packaging industry. In 2021 they produced almost 45 billion components, which were used for vial containment, syringes, drug delivery and diagnostics. …

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Amphenol Corporation – Enabling the Electronics Revolution

Analysis / November 3, 2022

Business Overview Amphenol Corporation is an industrial technology company that specializes in the design and manufacturing of electrical, electronic, and fiber optic connectors. The company’s product catalog includes connectors, antennas, sensors, cables, PCBs, fiber optics, and their value-add components. Value-add includes things like cable assemblies and cable management solutions. Amphenol operates through 3 business segments: …

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IDEXX Laboratories – Benefiting From the Growth of the “Pet Generation”

Analysis / November 3, 2022

Business Overview IDEXX Laboratories is a healthcare equipment company specializing in companion animal veterinary, livestock, poultry, and dairy products and services. The company also has a small segment dedicated to water testing products used for detecting various microbiological contaminants. The companion animal group (CAG) segment provides the overwhelming majority of the company’s total revenue, accounting …

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AMETEK – A Serial Acquirer and High Quality Conglomerate

Analysis / November 3, 2022

Business Overview Ametek is an industrial conglomerate operating in the electrical equipment and component space. They focus on acquiring smaller companies operating in similar end-markets, or companies that are complimentary to the existing business structure. They break their operations down into two business segments: Electronic Instruments Group (EIG) and Electromechanical Group (EMG). The EIG segment …

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KLA Corporation – A Semiconductor Equipment Leader

Analysis / November 3, 2022

Semiconductors continue to be a highly sought-after product in today’s increasingly digitized world. Demand for semiconductors comes from three main factors: more overall demand, more (smart) devices requiring chips, and more chips being required per device. Consider that the average electric vehicle requires 2,000 chips, which is roughly double that of the average non-electric car. …

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Sectors I’m Targeting for Long-Term Growth

Analysis / November 3, 2022

When investing for the long-term, it’s important to identify sectors that are poised to experience sustained and/or significant growth. Heavily investing in declining industries like tobacco may do okay in the short and mid-term, but isn’t an ideal strategy for multi-decade time horizons. There are many industries I think will do well over the next …

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Medical Devices – An Overview of Industry Leaders

Analysis / November 3, 2022

Advancements made in modern medical technology have been truly astounding over the past couple decades. We’ve seen science pave the way for both higher quality and longer lifespans, with more medications, procedures, and devices enabling higher levels of human comfort throughout life. Moving forward, I think the trends we have seen will not only continue, …

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Lockheed Martin – Revisiting the Failed Aerojet Acquisition

Analysis / November 3, 2022

After the FTC sued to block Lockheed’s deal for Aerojet Rocketdyne on January 25th, the acquisition was officially terminated on February 14th. If it had been successful, I think it would have been a great move for Lockheed, unlocking cost synergies and accelerating its space and missile segments. Unfortunately, current regulators felt such a deal …

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Entegris – Smaller Chips Means Bigger Revenue

Analysis / November 3, 2022

Entegris is a semiconductor equipment supplier that specializes in chemicals, micro contamination products, and advanced materials handling solutions. Their business model is primarily centered around foundry spending on a per-chip basis. This means demand for their products, and revenue, is heavily tied to the number of microprocessors being manufactured. Historically, the semiconductor industry has shown …

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