2024-03-05 09:18:06 ET
Summary
- Applied Industrial Technologies has consistently beaten earnings estimates by wide margins, but over the last twelve months, the non-GAAP EPS growth rate has declined and is expected to further decline.
- High EPS growth rates have likely contributed to significant multiple expansion, with the current P/E ratio above AIT's historical average and the sector median.
- AIT shares appear fully priced at present and with the prospect of a continuation of decline in EPS growth rates, there appears little opportunity for further share price growth.
AIT Investment Thesis
AIT Performance Since Previous Article
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Applied Industrial Technologies: Limited Share Price Growth Ahead