Precision Castparts Corp
PCP
pitch
long
Thesis
The current price of $60 per share implies expectations that are unreasonably low, assuming a downturn twice as severe as that of 2001-2003 and an anemic recovery. My fair value estimate of $90 suggests that PCP can achieve a CAGR of 4-5% over the next decade, supported by management's historical ability to control costs and trim capacity during downturns.
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