Fortive Corporation Common Stock (FTV) : juste valeur

Thèse ACCE

Fortive makes the Tektronix oscilloscopes and Fluke electrical test tools, along with Accruent building-lifecycle software and the Ronix and Gilbarco-adjacent industrial sensing lines, selling most of it to engineers and facility operators rather than to a single end market. The software-heavy mix supports a 63.2% gross margin and a 19.1% operating margin, and the recurring-revenue weighting is what separates it from a pure instruments maker. Revenue growth of 7.9% is solid for a business of this scale, and the gap between a trailing P/E of 30.6 and a forward P/E of 17.9 says the market is pricing a sizeable earnings step-up that the trailing figures don't yet reflect, so the first thing to pin down is whether management can deliver it. ROE of 7.3% is modest and reflects the goodwill carried from acquisitions, which makes the quality of the cash flow conversion the more useful metric to check. The score of 57/100 and absence from any major index keep this in the under-the-radar bucket, which is reason enough to test the forward earnings assumptions in a deeper review.