$PNR

Pentair/PNR is undervalued. LONG

Pentair trades at 16.3x EV/FCF and 14x P/E, well below historical averages for a quality water tech business. A DCF model using 748M in current FCF growing 8-9% annually yields ~$125 intrinsic value; current price of ~$67 implies 85%+ upside once the market reprices the stock, with the recent pool segment decline viewed as temporary inventory destocking rather than fundamental deterioration.