Company TransformationThe pullback provides an opportunity to own a business in the midst of a transformation to a high-quality company with impressive margins, above-market growth characteristics, strong FCF generation, differentiated earnings power, and relative multiple expansion.
Margin ExpansionUpgrading PNR to Outperform on a meaningful margin expansion opportunity to at/near best-in-class levels.
Tariff ManagementPNR staying ahead of the curve on offsetting tariffs, maintaining strong margin execution with additional support from transformation.