CFX - Lincoln Electric's Results Highlight Some Of Today's Macro Modeling Challenges
Lincoln Electric (LECO) remains one of the most-respected companies I follow in the industrial space; even analysts who are negative on the shares for whatever reason usually feel compelled to acknowledge its strong share, variable cost structure, attractive ROIC history, and solid strategy. That said, the shares have basically traced the performance of the average industrial over the past year, lagged the sector over the past two years, and significantly lagged over the last five years — a phenomenon I attribute more to the high valuation the company has often enjoyed rather than