Contents
Electrical Equipment & Industrial Conglomerates Valuation Comparison 3
High Conviction Views & Sign Posts to an Industrial Stock Bottom 8
Risk-Reward Snapshot and Model:
3M Co. (MMM, Overweight, Target $69) 15
AGCO (AG, Not-Rated, Target N/A) 26
Bucyrus International (BUCY, Not-Rated, Target N/A) 34
Caterpillar (CAT, Underweight, Target $28) 42
Cooper Industries (CBE, Equal-weight, Target $28) 50
Danaher Corp. (DHR, Equal-weight, Target $57) 61
Deere (DE, Overweight, Target $48) 72
Dover Corp. (DOV, Overweight, Target $35) 81
Eaton (ETN, Equal-weight, Target $47) 92
Emerson (EMR, Equal-weight, Target $33) 100
Fastenal (FAST, Underweight, Target $18) 111
General Electric (GE, Overweight, Target $17) 122
W.W. Grainger (GWW, Underweight, Target $52) 137
Honeywell (HON, Overweight, Target $41) 148
Hubbell (HUBb, Not-Rated, N/A) 159
Ingersoll Rand (IR, Underweight, Target $23) 170
ITT Corp. (ITT, Equal-weight, Target $45) 178
Illinois Tool Works (ITW, Equal-weight, Target $30) 189
John Bean Technologies (JBT, Not-Rated, Target N/A) 197
Joy Global (JOYG, Not-Rated, Target N/A) 205
Lennox International (LII, Not-Rated, Target N/A) 213
MSC Industrial Direct Co. (MSM, Underweight, $18) 221
Mueller Water (MWA, Not-Rated, Target N/A) 238
Rockwell (ROK, Underweight, Target $30) 241
Roper Industries (ROP, Not-Rated, Target N/A) 252
SPX Corp (SPW, Not-Rated, Target N/A) 263
Terex (TEX, Equal-weight, Target $12) 274
Thomas & Betts (TNB, Not-Rated, Target N/A) 282
Tyco International (TYC, Overweight, Target $32) 293
Watsco (WSO, Overweight, Target $60) 304
Wesco (WCC, Equal-weight, Target $27) 314
Disclosures 325