Dover: Becoming Relatively Compelling

Dover has lagged the market despite solid margin improvements and strategic acquisitions, including SIKORA AG and Site IQ LLC. Dover's organic growth remains modest, but earnings guidance for 2025 is upbeat, with adjusted EPS expected between $9.35 and $9.55 per share. Valuation has become more attractive as shares trade at 18-19x earnings, with leverage ratios remaining conservative post-acquisitions.