By: Scott Davis
We were initially skeptical that the FTV spin-off from Danaher would create outsized value – after all DHR had already traded at a pretty healthy multiple. Key to success of the spin was a strong M&A strategy/execution as well as continued optimization of the existing portfolio. In this thesis, we had confidence and still do. For context since the spin, FTV stock is up 42% and DHR is up 15% vs. the S&P 500 up 24%.