XYL - Gorman-Rupp A More Off-The-Radar Play On Water

• Gorman-Rupp should see healthy revenue growth continue through 2022, with the company carrying its highest backlog in almost a decade and healthy underlying demand across multiple end-markets.
• The company isn't immune to the supply chain and labor issues impacting the broader economy, and Gorman-Rupp's pricing power is likely more limited.
• Gorman-Rupp is an underfollowed play on water infrastructure investment/upgrades, but the company isn't directly as well-positioned in higher-value segments like clean drinking water.
• Low-to-mid single-digit revenue growth and mid-to-high single-digit FCF growth can drive a pretty decent high single-digit total long-term annualized return from today.

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