SPXC
SPX Corp
Industrial/Transportation
06/12/2015
Presented
| Date | 06/09/2015 |
| Price | $33.13 |
| Market Cap | $3.00B |
| Ent Value | $4.12B |
| P/E Ratio | 35.8x |
| Book Value | $41.15 |
| Div Yield | 2.05% |
| Shares O/S | 0.00M |
| Ave Daily Vol | 520,000 |
| Short Int | 2.53% |
Current
| Price | $169.16 |
| Market Cap | $7.83B |
| SPX Corporation provides specialized engineered solutions worldwide. The company operates through two segments, Flow Technology, and Thermal Equipment and Services. The Flow Technology segment designs, engineers, manufactures, and markets products and solutions used to process, blend, filter, dry, meter, and transport fluids for original equipment installation, including turnkey and skidded systems, and components, as well as aftermarket components and support services. This segment primarily offers engineered pumps, valves, mixers, plate heat exchangers, and dehydration and filtration technologies. It serves customers in food and beverage, power and energy, and industrial end markets. The Thermal Equipment and Services segment engineers, designs, manufactures, installs, and services thermal heat transfer products, such as evaporative and hybrid cooling systems, rotating and stationary heat exchangers, and pollution control systems for the power generation, HVAC, and industrial markets, as well as boilers, heating, and ventilation products for the residential and commercial markets. The company also designs, manufactures, and markets power transformers, industrial tools and hydraulic units, obstruction lights and monitoring equipment, communications and signal monitoring systems, fare collection systems, and portable cable and pipe locators. SPX Corporation markets its products through various channels, such as stocking distributors, independent manufacturing representatives, direct sales, and third-party distributors and retailers. The company was formerly known as Piston Ring Company and changed its name to SPX Corporation in 1988. SPX Corporation was founded in 1911 and is headquartered in Charlotte, North Carolina. |
Please note, on September 28, 2015 SPX FLOW, Inc. (FLOW) was spun off from SPX Corporation (SPX). The new parent company is SPX Corporation (SPXC). Presented price has been adjusted to account for the split, but other presented data values and the idea text remains unchanged.
Publicly traded companies mentioned herein: Pentair Plc (PNR), SPX Corporation (SPW)
Highlights
The presenter was previously short shares of SPX Corporation (SPW), but is now involved on the long side. He believes the spin-off of the Flow Company provides an attractive risk/reward set-up, with a $93 bull case scenario and limited downside risk. In addition, he believes the Infrastructure RemainCo, particularly the transformer and thermal businesses, could be poised to see a late cycle turnaround story in the industrials space while HVAC remains strong.
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