NYSE:DOV

Stock Analysis Report

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Executive Summary

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. More Details


Snowflake Analysis

Solid track record established dividend payer.


Similar Companies

Share Price & News

How has Dover's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: DOV has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-6.7%

DOV

-4.0%

US Machinery

-1.9%

US Market


1 Year Return

8.1%

DOV

9.0%

US Machinery

13.1%

US Market

Return vs Industry: DOV underperformed the US Machinery industry which returned 9.3% over the past year.

Return vs Market: DOV underperformed the US Market which returned 12.7% over the past year.


Shareholder returns

DOVIndustryMarket
7 Day-6.7%-4.0%-1.9%
30 Day-3.1%-1.8%-2.9%
90 Day16.5%13.0%8.2%
1 Year10.1%8.1%11.1%9.0%15.7%13.1%
3 Year55.8%17.6%19.2%11.4%38.4%29.1%
5 Year161.6%88.1%101.3%78.8%89.3%68.0%

Price Volatility Vs. Market

How volatile is Dover's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Dover undervalued compared to its fair value and its price relative to the market?

23.04x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: DOV ($107.56) is trading above our estimate of fair value ($103.81)

Significantly Below Fair Value: DOV is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: DOV is good value based on its PE Ratio (23x) compared to the US Machinery industry average (24x).

PE vs Market: DOV is poor value based on its PE Ratio (23x) compared to the US market (17.8x).


Price to Earnings Growth Ratio

PEG Ratio: DOV is poor value based on its PEG Ratio (2.1x)


Price to Book Ratio

PB vs Industry: DOV is overvalued based on its PB Ratio (5x) compared to the US Machinery industry average (2.1x).


Next Steps

Future Growth

How is Dover forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

11.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DOV's forecast earnings growth (11% per year) is above the savings rate (2.2%).

Earnings vs Market: DOV's earnings (11% per year) are forecast to grow slower than the US market (23.1% per year).

High Growth Earnings: DOV's earnings are forecast to grow, but not significantly.

Revenue vs Market: DOV's revenue (5.7% per year) is forecast to grow slower than the US market (9.9% per year).

High Growth Revenue: DOV's revenue (5.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: DOV's Return on Equity is forecast to be high in 3 years time (24.8%)


Next Steps

Past Performance

How has Dover performed over the past 5 years?

3.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: DOV has high quality earnings.

Growing Profit Margin: DOV's current net profit margins (10%) are higher than last year (8.7%).


Past Earnings Growth Analysis

Earnings Trend: DOV's earnings have grown by 3.8% per year over the past 5 years.

Accelerating Growth: DOV's earnings growth over the past year (9%) exceeds its 5-year average (3.8% per year).

Earnings vs Industry: DOV earnings growth over the past year (9%) exceeded the Machinery industry -13.1%.


Return on Equity

High ROE: Whilst DOV's Return on Equity (21.85%) is high, this metric is skewed due to their high level of debt.


Next Steps

Financial Health

How is Dover's financial position?


Financial Position Analysis

Short Term Liabilities: DOV's short term assets ($2.8B) exceed its short term liabilities ($2.1B).

Long Term Liabilities: DOV's short term assets ($2.8B) do not cover its long term liabilities ($3.9B).


Debt to Equity History and Analysis

Debt Level: DOV's debt to equity ratio (107.9%) is considered high.

Reducing Debt: DOV's debt to equity ratio has increased from 72.6% to 107.9% over the past 5 years.

Debt Coverage: DOV's debt is well covered by operating cash flow (31.8%).

Interest Coverage: DOV's interest payments on its debt are well covered by EBIT (8.7x coverage).


Balance Sheet


Next Steps

Dividend

What is Dover current dividend yield, its reliability and sustainability?

1.84%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: DOV's dividend (1.84%) is higher than the bottom 25% of dividend payers in the US market (1.71%).

High Dividend: DOV's dividend (1.84%) is low compared to the top 25% of dividend payers in the US market (4.88%).


Stability and Growth of Payments

Stable Dividend: DOV's dividends per share have been stable in the past 10 years.

Growing Dividend: DOV's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (42%), DOV's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: DOV's dividends in 3 years are forecast to be well covered by earnings (31.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.6yrs

Average management tenure


CEO

Rich Tobin (59 yo)

2.33yrs

Tenure

US$9,149,075

Compensation

Mr. Richard Joseph Tobin, also known as Rich, is President and Chief Executive Officer at Dover Corporation since May 01, 2018. He was the Chief Executive Officer of CNH Industrial N.V. since January 2012 ...


CEO Compensation Analysis

Compensation vs Market: Rich's total compensation ($USD9.15M) is about average for companies of similar size in the US market ($USD11.33M).

Compensation vs Earnings: Rich's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Richard Tobin
President2.33yrsUS$9.15m0.045%
$ 6.9m
Brad Cerepak
Senior VP & CFO9.33yrsUS$3.76m0.056%
$ 8.7m
Ivonne Cabrera
Senior VP7.67yrsUS$2.06m0.011%
$ 1.7m
David Malinas
Senior Vice President of Operations1.17yrsno data0.00041%
$ 63.5k
Ryan Paulson
Principal Accounting Officer1.33yrsno data0.00071%
$ 109.9k
Paul Goldberg
Vice President of Investor Relations8.83yrsno datano data
Adrian Sakowicz
Vice President of Communications9.67yrsno datano data
Andrey Galiuk
Vice President of Corporate Development & Investor Relationsno datano datano data
Kimberly Bors
Senior Vice President of Human Resources0.67yrno data0.0018%
$ 277.2k
Russell Toney
Senior Vice President of Global Sourcing5.58yrsno datano data
Stephen Kennon
Senior Vice President4.58yrsno datano data
Girish Juneja
Senior VP & Chief Digital Officer3.33yrsno data0.0019%
$ 294.2k

4.6yrs

Average Tenure

56yo

Average Age

Experienced Management: DOV's management team is considered experienced (4.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Richard Tobin
President2.33yrsUS$9.15m0.045%
$ 6.9m
Michael Johnston
Independent Chairman4.33yrsUS$400.01k0.0028%
$ 430.5k
Keith Wandell
Independent Director4.83yrsUS$260.05k0.0044%
$ 681.4k
Kristiane Graham
Independent Director21.67yrsUS$250.05k0.31%
$ 48.0m
Mary Winston
Independent Director15.67yrsUS$250.05k0.011%
$ 1.7m
Eric Spiegel
Independent Director3.58yrsUS$260.05k0.0010%
$ 161.0k
Stephen Todd
Independent Director9.83yrsUS$265.05k0.0055%
$ 857.9k
Stephen Wagner
Independent Director9.83yrsUS$260.05k0.0028%
$ 427.4k
H. Gilbertson
Independent Director2.08yrsUS$250.05k0.0013%
$ 195.1k

4.8yrs

Average Tenure

63yo

Average Age

Experienced Board: DOV's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: DOV insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Dover Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Dover Corporation
  • Ticker: DOV
  • Exchange: NYSE
  • Founded: 1947
  • Industry: Industrial Machinery
  • Sector: Capital Goods
  • Market Cap: US$15.485b
  • Shares outstanding: 143.97m
  • Website: https://www.dovercorporation.com

Number of Employees


Location

  • Dover Corporation
  • 3005 Highland Parkway
  • Downers Grove
  • Illinois
  • 60515
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DOVNYSE (New York Stock Exchange)YesCommon StockUSUSDJan 1968
0ICPLSE (London Stock Exchange)YesCommon StockGBUSDJan 1968
DOVDB (Deutsche Boerse AG)YesCommon StockDEEURJan 1968
D1OV34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 2 REPR 1 COMBRBRLJan 2020

Biography

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The Engineered Products segment provides afterma ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/23 06:38
End of Day Share Price2020/09/22 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.