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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jurgis Bekepuris who wrote (52003)	8/6/2013 11:15:21 PM
From: Spekulatius	Read Replies (1) \| Respond to of 78618

No argument on your observations regarding KSB.DE. I did reduce my position just a bit, since the shares are still cheap and they have a great balance sheet. I can say that definitely take a long term view and not sweat the quarterly earnings too much. They can afford to do that, because a foundation controls KSB and they are in no danger to be taken over or pressured by activist investor or alike. FWIW, their FCF was negligible because they purchased a business in Korea and started a joint venture in China (valves for nuclear power plants and such). I think the near term outlook is murky, as Asia is slowing down, which was supposed to be the growth engine (since Europe is slow anyways) Competitor XYL numbers were quite weak too.