Mrs.Bekepuris investment advice should be considered. As far as I remember, she liked TJX, which has been on a tear since 2011. Well done.
KSB.DE just published their results, which were not great (earnings down , revenues down a few %) but not a total disaster eithef. As always, hope for the second half. If the stock goes down some, I'll probably buy back the few shares I sold. They outperformed XYL as far as I can tell and XYL is much higher valued still.
It helps to keep a LT perspective. This business used to be a really crappy business in the 80's and slowly has been improving, with cyclical up and downs. They did fairly well in the recovery from the 2001 recession and KSB's balance sheet started to become bulletproof. They now have ~10% market share. As the fragmented industry is becoming more concentrated, the margins improve slowly, plus thr companies are building up a profitable and steady service business. So my guess is that this is a business with slowly improving economics.
KSB was a local company to me, when I lived in Germany, so I followed it fairly closely. i lost track of it in the mid 90's until 2011, when a blogger wrote an article about it in Gurufocus. This lead me to look at the company again and I bought some shares. |
