Fortive Corp

FTV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$93.00	Zgmbkv	Fwggswchbl

No Major Surprises in Fortive’s Fourth Quarter; Maintaining FVE

Krzysztof Smalec

Feb 1, 2023

Narrow-moat-rated Fortive ended 2022 with a solid fourth quarter, as its adjusted EPS of $0.88 beat our estimate by $0.03. We’ve made some puts and takes in our model, but our $85 fair value estimate remains unchanged as nothing in Fortive’s fourth-quarter earnings release fundamentally alters our long-term thesis. We see the name as modestly undervalued, with shares currently trading in 4-star territory.

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