VNT - Dover Delivers Yet Again And Looks Well-Placed To Leverage This Uncertain Recovery

• Dover posted impressive third quarter results, with a comfortable revenue beat (and meaningful sequential improvement), a large earnings beat, and a book-to-bill back above 1.0.
• Management has identified more permanent cost reduction opportunities, and I expect this to continue into 2021, and wants to get back to M&A activity.
• Dover's shares don't offer a particularly attractive return now, but relative to the S&P 500, the return potential is more or less "in line" for an above-average company.

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