HI - Hillenbrand: Good Capital Allocation And Long Reinvestment Runway

• Through acquisitions over a 10-year period, Hillenbrand now operates under three reportable segments: Advanced Process Solutions, Molding Technology Solutions, and Batesville (the legacy business).
• Hillenbrand went from being a high margin, low growth business, to a lower margin but high growth potential firm.
• With the acquisition of Milacron, the company further increased its exposure to the $27 billion plastic technology and processing industry.
• At 11.7x forward earnings, we believe Hillenbrand still looks like a compelling investment.

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