I’d been getting more comfortable with Roper Technologies’ (ROP) valuation recently, and the shares have held up extremely well so far this year, as the company’s strong recurrent revenue model is likely to see the company pass through this downturn with far less disruption than its industrial peer group. The question remains whether industrials are really a valid peer base anymore, but I don’t expect that to constrain the stock’s popularity.
My model assumes significant ongoing M&A, and there is now increased timing uncertainty on that, but I see little to