I want to read a Barrons Article

I don’t have a barrons subscription…and no point getting it to read one article…anyone want to help/send it to me?

This is the article:


By MKM Partners ($89.98, March 21, 2011)

We believe Parker-Hannafin represents a compelling, but misunderstood, growth story with solid operational expertise.

We believe Parker-Hannafin (ticker: PH) shares have been left behind in the mid-cycle rotation and that a noisy fiscal-second-quarter report left investors questioning the margin potential.

We view both assessments as incomplete and see room for both strong near-term and through-the-cycle growth, complemented by sound volume leverage.

[We initiate coverage at Buy.]


We expect strong top-line momentum to continue. An overemphasis on to-date top-line performance and the perception of Parker-Hannafin as an early-cycle industrial play ignore its meaningful exposure to accelerating industrial capital-expenditure markets, in our view.

We expect calendar 2011 to be marked by continued above-trend growth and top-line surprises, including the fiscal third quarter. Incrementals should rebound following temporary fiscal-second-quarter issues. Investor frustration regarding management’s satisfaction with last quarter’s performance ignores largely unavoidable temporary headwinds (price/cost, new hire inefficiencies) and better-than-expected internal execution.

We believe an abatement in the temporary items sets the stage for 16%-plus segment margins at prior “virtual” peak revenues (adjusted for acquisition timing) of $12.7 billion – implying approximately $7.20 in fiscal 2012 earnings-per-share power on reasonable growth assumptions.

Parker-Hannafin has a favorable mergers-and-acquisitions track record marked by consistent year one accretion, core property identification and minimally invasive integration. We believe management is excited about the state of the pipeline and sellers’ price expectations.

Our 12-month price target of $105 is based on a 7.6 times enterprise value/earnings before interest, taxes, depreciation and amortization (EV/EBITDA) multiple on calendar 2012 estimates and compares to the company’s peer group at 7.8 times and the company’s historical trading range of 6 times-10 times.

– Joshua Pokrzywinski

Frank’s a rigeous dude, man!

Now go get that man a KimmyK Kalendar to express your thanks. :slight_smile:

Awesome…thanks a lot…