Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Interpump A Largely Unknown Italian Success Story

Outside of fashion brands like Gucci and perhaps sports cars like Ferrari, Italy really doesn't enjoy a particularly good reputation as a home to solid companies that are competitive on an international basis. Interpump Group S.p.A (OTC:IPGLF) (IP.MI) looks like a notable exception to me. Through both M&A and internal development, Interpump has emerged as a global leader in high/ultra-high pressure pumps and hydraulic components like power take-offs and cylinders.

Interpump's margins and returns on capital compare pretty well to better-known U.S. industrials like Eaton (NYSE:ETN), Parker-Hannifin (NYSE:PH), and Emerson (NYSE:EMR), and many U.S. corporations could take a lesson from Interpump in terms of how it communicates and shares information with...

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