ATLKY - Atlas Copco's Premium Valuation Comes With High Expectations

I don’t know that there’s any real doubt or debate that Sweden’s Atlas Copco (OTCPK:ATLKY) is an exceptional company and worthy of premium valuation. Just how much of a premium is reasonable, though, is very much up for debate as the shares' nearly 20% pullback off its 52-week high raises the question of whether there’s been enough of a dip in valuation to wade in.

For now I’m inclined to hold off. Between growing worries of a short-cycle slowdown, significant uncertainty about capital spending in the semiconductor space, and possible turbulence related to