SPXSY - Spirax-Sarco Is A Special Industrial Company And Certainly Priced Like It

• Robust biopharma demand for Watson Marlow pumps, tubing, and valves is helping offset weakness across a range of industrial markets and should drive high-single digit long-term growth.
• Spirax-Sarco's Steam business has unusually close customer relationships, and the company's focus on energy/cost-saving retrofits will help drive growth above underlying industrial production.
• Special companies deserve a premium, but it's hard to find value in Spirax-Sarco at these levels.

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