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Smartkarma

Equity Bottom-Up

In today's episode, Andy &amp; DJ are joined in the studio by the founder of Origin USA, Peter Roberts. They discuss the history of manufacturing products in the United States, the impact entrepreneurs can have on society and culture, and why America should not rely on other nations for its goods and services.<a target="_blank" rel="noopener nofollow" href="https://joincolossus.com/episodes/56643988/shaposhnik-roper-technologies-industrial-titan-to-software-giant">Continue listening on Business Breakdowns»</a>

Morningstar

Morningstar, Inc.

Wide-moat rated Roper had a solid first quarter, with broad-based organic top-line results that beat our near-term expectations. The firm also raised the top and bottom end of its adjusted diluted EPS range with the acquisition of Foundry, and a smaller-than-expected hit to this metric from the Gatan divestiture (to a nickel per share from a quarter per share previously). As a result of both near-term outperformance and raised guidance, we expect to raise our fair value estimate by about 1% to…

Roper is an acquirer of software companies with large amounts of deferred revenue. Large quantities of deferred revenue exist because many software businesses receive cash far in advance of when services are rendered. Roper uses this cash to invest in businesses at incrementally higher rates of return. Its targets have large bases of recurring revenue in oligopolistic, niche markets with small total addressable markets. That revenue base is protected by strong switching costs that frequently…

After taking a fresh look at Roper’s fundamentals, we raise our fair value estimate to $329 per share from $246 per share. Roper’s management team has done an exemplary job of compounding shareholder value, with a strategy focusing on buying moaty businesses at reasonable valuations. We see no evidence of diminution in its corporate culture after the passing of former CEO Brian Jellison (who was responsible for developing Roper’s acquisition framework), or a deceleration of any of the drivers…

United States

Roper Technologies, Inc. manufactures and distributes industrial equipment. The Company offers industrial controls, fluid handling, pumps, medical and scientific devices, analytical instrumentation products, radio frequency identification (RFID) communication technology, and software solutions.

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