(281)-719-8904 KenFaulkenberry@AAAMP.com

Dover Dividend

(updated 2/23/2018)

The Dover dividend has been paid since 1956 and increased its dividend for 62 consecutive years; qualifying the company as Dividend King, Dividend Aristocrat, and Dividend Champion.

Price: $102.76
Dividend Yield: 1.8%

Current Dividend: $1.88
Cash Flow From Operations (CFO) Per Share (ttm:) $5.21
Free Cash Flow Per Share (ttm): $3.96

Market Capitalization: $16 B
Enterprise Value: $19 B

                    Dividend Analyzer Checklist

                                    (updated February 2018)

Valuation Score (18/34 points)

Free Cash Flow Yield (ttm): 3.8% (9/17 points)
EV to EBIT (ttm): 17.2 (4/9 points)
EV to EBITDA (ttm): 12.5 (9/17 points)
Price to Sales Ratio (ttm): 2.1
Price to Book Value (ttm): 3.7
Price to Earnings Ratio (P/E) (ttm): 20
PE 10:  26

Profitability Score (15/33 points)

Operating Earnings Yield (ttm): 5.5% (7/15 points)
Net Income (ttm): $812 M
Gross Profit (ttm): $2890 M
Total Assets: $10658 M
Gross Profitability Ratio = GP / Total Assets: 27% (8/18 points)
Cash Return On Invested Capital (CROIC)(tttm): 8%
Return on Invested Capital (ROIC): 11%

Dividend Safety Score (21/33 points)

Dividend Payout Ratio (ttm): 45%
Cash Dividend Payout Ratio (ttm):  47%  (8/12 points)
Net Financial Debt: $2814 M
Total Assets: $10658 M
Net Financial Debt / Total Assets: 26% (5/12 points)
Net Financial Debt to EBITDA (ttm): 236%
Piotroski Score (1-9) (TTM): (8/9 points)

TOTAL POINTS – (54/100) (50 is an average score)

Earnings Report:  1/30/18
Next Earnings Report: 4/20/18

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Rankings & Recommendations

(updated February 2018)

Dover is ranked #161 (out of 432) overall and #38 (out of 97) in the Industrials Sector by the Dividend Analyzer.

Type of Investor / Recommendation

Large Diversified Dividend Portfolios / Can Be Considered
Looking For Exposure to Industrials Sector / Can Be Considered
Deep Value Investors / Watchlist

Position Disclosures:
DVB Portfolio Stocks – None
AAAMP Global Value Portfolio – None
AAAMP Retirement Growth & Income Portfolio – None
AAAMP Treasure Trove Twelve Portfolio – None

Company Description

Sector: Industrials
Industry: Diversified Industrials

Dover owns and operates a portfolio (conglomerate) of more than 40 companies. DOV is organized into four divisions: Energy (21% of Revenues), Engineered Systems (34%), Fluids (20%), and Refrigeration and Food Equipment (25%).

DOV has a dual strategy of organic growth and strategic acquisitions. The company strives to have each of its companies number one or number two in its business. Then they use their global scale, operational agility, and bundled technologies in a manner that competitors find hard to replicate (moat).

SWOT Analysis

Strengths

Product innovation and customer relationships is where Dover shines. Diversification in businesses and geography provide some stability. High quality products and low cost producer.

Weaknesses

Dover does business in cyclical markets that can produce some volatility in revenues and profits. High exposure to international markets and falling oil prices add to the uncertainty.

Opportunities

Dover uses acquisitions of smaller companies to quickly move into markets that have synergy with their current organization. Expansion of manufacturing in lower cost regions help profit margins.

Threats

Low oil prices are putting pressure on their energy division. As with all global companies, the current trend of a strengthening dollar puts downward pressure on earnings.

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Disclaimer: While Arbor Investment Planner has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability, or completeness of third-party information presented herein. The sole purpose of this analysis is information. Nothing presented herein is, or is intended to constitute investment advice. Consult your financial advisor before making investment decisions.
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