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In an industrial sector that has already seen investors prove more than willing to value stocks with a benefit of a doubt, Colfax (CFX) carries an even larger premium by conventional metrics. I suspect that this has more to do with the company's ties to Danaher's (DHR) legacy than ample enthusiasm for gas/fluid handling and welding, but that's neither here nor there. While investors cannot lose sight of the risk that the ESAB turnaround efforts take too long or accomplish too little, a cash flow-based model suggests Colfax may in fact be trading at a discount today.

Fourth Quarter Results Show That There's A Lot Of Work To Do

Colfax is still early into its integration...

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