<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>股息之王是一个由 57 只股票组成的精选群体，这些股票的股息至少连续增长了 50 年。我们认为，股息之王是值得长期持有的高质量股息增长股票。</p>
<p>考虑到这一点，我们创建了所有 57 只股息之王的完整名单。</p>
<p>每年，我们都会单独审查所有股息之王。最新加入股息之王名单的是 Pentair plc（PNR），该公司最近连续第 50 年增加了股息。</p>
<p>本文将提供对该公司的更详细分析。</p>
<h3><strong>业务概述</strong></h3>
<p>Pentair 是一家专注于水解决方案的公司，业务分为三个部门：水生系统、过滤解决方案和流动技术。Pentair 成立于 1966 年。</p>
<p>Pentair 于 10 月 21 日公布了第三季度的财报。该公司在本季度实现了 10.2 亿美元的收入，比去年同期增长了 3%。收入略微超过预期，超出 10 百万美元。</p>
<p>核心销售额（不包括汇率波动、收购和处置的影响）同比增长了 3%，这也优于上一季度的核心收入增长率。</p>
<p>Pentair 在第三季度的每股收益为 1.24 美元，同比增长 14%。Pentair 的每股收益超出了分析师的共识预期 0.06 美元。</p>
<p>Pentair 在财报中更新了当前年度的指引：对于 2025 财年，Pentair 预计每股收益约为 4.87 美元，这表明与 2024 年相比，利润将大幅增加。</p>
<h3><strong>增长前景</strong></h3>
<p>在 2008 年至 2017 年（nVent 分拆之前），Pentair 的每股收益年均增长 6%，因此其基础业务增长稳健。在 2018 年 nVent 分拆后，Pentair 的每股收益也可靠地以引人注目的速度增长。</p>
<p>Pentair 的管理层认为，长期每股收益增长率达到 10% 是可能的，但我们持更为保守的态度。我们认为，预计 Pentair 在未来几年的每股收益增长率约为 7% 是现实的。</p>
<p>该公司应该能够实现这一增长，主要得益于收入的增长，这将得益于全球水技术和基础设施市场的有机业务增长，以及 Pentair 不时进行的小规模收购。</p>
<p>来自利润扩张和股票回购的顺风将进一步减少 Pentair 的流通股数量，也将有所帮助。</p>
<h3><strong>竞争优势与经济衰退表现</strong></h3>
<p>高于平均水平的运营效率是 Pentair 相较于同行的优势之一。该公司采用了一种称为 Pentair 综合管理系统的策略，使其组织结构保持精简，并在过去使公司的强大利润率得以增长。</p>
<p>Pentair 在其目标市场中处于领先地位，通过小规模收购，Pentair 可以进一步扩大其规模和实力。</p>
<p>在大萧条期间的每股收益表现如下：</p>
<ul>
<li>2007 年每股收益为 2.12 美元</li>
<li>2008 年每股收益为 2.59 美元（增长 22%）</li>
<li>2009 年每股收益为 1.17 美元（下降 55%）</li>
<li>2010 年每股收益为 2.00 美元（增长 71%）</li>
</ul>
<p>当我们调整 nVent 的分拆时，Pentair 的股息增长记录依然完好。派息比率并不高，这使我们相信股息相当安全。</p>
<p>即使是像大萧条期间那样的收益下降，也很可能不会导致股息削减。</p>
<h3><strong>估值与预期回报</strong></h3>
<p>以当前股价 104 美元和预计每股收益 4.87 美元计算，PNR 股票的市盈率为 21.4。</p>
<p>Pentair 的估值在过去平均处于高十几倍的范围，尽管 Pentair 在某些时候的市盈率超过 20 倍。我们认为 Pentair 的公允价值倍数为 18，低于当前估值。</p>
<p>因此，PNR 股票似乎被高估了。我们预计估值倍数的收缩将在未来五年内将年回报率降低 3.4%。</p>
<p>除了市盈率的变化，未来的回报将由收益增长和股息收益率驱动。</p>
<p>我们预计未来五年年均收益增长为 7%。此外，PNR 股票当前的股息收益率为 1.0%。</p>
<p>总的来说，我们预计 PNR 股票在未来五年将提供 4.6% 的年总回报。</p>
<h3><strong>最终思考</strong></h3>
<p>Pentair 是一家领先的纯水/流体公司，应该能够通过进一步的小规模收购和有机业务扩展实现增长。</p>
<p>我们相信 Pentair 将在长期内以稳健的速度增长其每股收益。</p>
<p>预计年回报在中低个位数，因此 PNR 目前被评为持有。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>2026 年最佳 10 只股息股票</p>
<p>过去 10 年表现最佳的 10 只月度股息股票</p>
<p>3 只适合月度派息的顶级股息股票</p>

滨特尔

<p>Pentair plc (PNR) 已加入股息之王，标志着其连续第 50 年增加股息。该公司报告第三季度收益为 10.2 亿美元，同比增长 3%，每股收益为 1.24 美元，增长 14%。Pentair 预计 2025 财年的每股收益为 4.87 美元，显示出强劲的增长潜力。尽管当前市盈率为 21.4，超过其历史平均水平，但该股票被认为是高估的。预计年回报率为 4.6%，因此 PNR 的当前评级为 “持有”</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>The Dividend Kings are a select group of 57 stocks that have increased their dividends for at least 50 consecutive years. We believe the Dividend Kings are among the highest-quality dividend growth stocks to buy and hold for the long term.</p>
<div class="lb-trans"><p>股息之王是一个由 57 只股票组成的精选群体，这些股票的股息至少连续增长了 50 年。我们认为，股息之王是值得长期持有的高质量股息增长股票。</p>
</div><p>With this in mind, we created a full list of all 57 Dividend Kings.</p>
<div class="lb-trans"><p>考虑到这一点，我们创建了所有 57 只股息之王的完整名单。</p>
</div><p>Each year, we individually review all the Dividend Kings. The newest member of the Dividend Kings list is Pentair plc (PNR), which recently increased its dividend for the 50th consecutive year.</p>
<div class="lb-trans"><p>每年，我们都会单独审查所有股息之王。最新加入股息之王名单的是 Pentair plc（PNR），该公司最近连续第 50 年增加了股息。</p>
</div><p>This article will provide a more detailed analysis of the company.</p>
<div class="lb-trans"><p>本文将提供对该公司的更详细分析。</p>
</div><h3><strong>Business Overview</strong></h3>
<div class="lb-trans"><h3><strong>业务概述</strong></h3>
</div><p>Pentair is a pure-play water solutions company that operates in 3 segments: Aquatic Systems, Filtration Solutions, and Flow Technologies. Pentair was founded in 1966.</p>
<div class="lb-trans"><p>Pentair 是一家专注于水解决方案的公司，业务分为三个部门：水生系统、过滤解决方案和流动技术。Pentair 成立于 1966 年。</p>
</div><p>Pentair reported its third quarter earnings results on October 21. The company was able to generate revenue of $1.02 billion during the quarter, which was up 3% compared to the company’s revenues during the previous year’s quarter. Revenue that beat estimates slightly, by $10 million.</p>
<div class="lb-trans"><p>Pentair 于 10 月 21 日公布了第三季度的财报。该公司在本季度实现了 10.2 亿美元的收入，比去年同期增长了 3%。收入略微超过预期，超出 10 百万美元。</p>
</div><p>Core sales, which exclude the impact of currency rate movements, acquisitions, and dispossessions, were up 3% year over year as well, which was better than the core revenue growth rate during the previous quarter.</p>
<div class="lb-trans"><p>核心销售额（不包括汇率波动、收购和处置的影响）同比增长了 3%，这也优于上一季度的核心收入增长率。</p>
</div><p>Pentair recorded earnings-per-share of $1.24 for the third quarter, which was up by 14% year-over-year. Pentair’s earnings-per-share beat the analyst consensus by $0.06.</p>
<div class="lb-trans"><p>Pentair 在第三季度的每股收益为 1.24 美元，同比增长 14%。Pentair 的每股收益超出了分析师的共识预期 0.06 美元。</p>
</div><p>Pentair updated its guidance for the current year during the earnings report: For fiscal 2025, Pentair is forecasting earnings-per-share of around $4.87, which indicates a substantial profit increase versus 2024.</p>
<div class="lb-trans"><p>Pentair 在财报中更新了当前年度的指引：对于 2025 财年，Pentair 预计每股收益约为 4.87 美元，这表明与 2024 年相比，利润将大幅增加。</p>
</div><h3><strong>Growth Prospects</strong></h3>
<div class="lb-trans"><h3><strong>增长前景</strong></h3>
</div><p>Between 2008 and 2017 (before the nVent spin-off) Pentair grew its earnings-per-share by 6% annually, so underlying business growth has been solid. Following the spin-off of nVent after 2018, Pentair has also grown its earnings-per-share reliably and at a compelling pace.</p>
<div class="lb-trans"><p>在 2008 年至 2017 年（nVent 分拆之前），Pentair 的每股收益年均增长 6%，因此其基础业务增长稳健。在 2018 年 nVent 分拆后，Pentair 的每股收益也可靠地以引人注目的速度增长。</p>
</div><p>Pentair’s management believes that a long-term earnings-per-share growth rate of 10% is possible, but we are a bit more conservative. It is, we believe, realistic to expect a ~7% earnings-per-share growth rate from Pentair over the coming years.</p>
<div class="lb-trans"><p>Pentair 的管理层认为，长期每股收益增长率达到 10% 是可能的，但我们持更为保守的态度。我们认为，预计 Pentair 在未来几年的每股收益增长率约为 7% 是现实的。</p>
</div><p>The company should be able to achieve this growth primarily due to rising revenues, which will be possible thanks to organic business growth in the global water technology and infrastructure market, and tuck-in acquisitions, which Pentair makes from time to time.</p>
<div class="lb-trans"><p>该公司应该能够实现这一增长，主要得益于收入的增长，这将得益于全球水技术和基础设施市场的有机业务增长，以及 Pentair 不时进行的小规模收购。</p>
</div><p>Tailwinds from margin expansion and share repurchases, which will lead to further declines in Pentair’s share count, will help as well.</p>
<div class="lb-trans"><p>来自利润扩张和股票回购的顺风将进一步减少 Pentair 的流通股数量，也将有所帮助。</p>
</div><h3><strong>Competitive Advantages &amp; Recession Performance</strong></h3>
<div class="lb-trans"><h3><strong>竞争优势与经济衰退表现</strong></h3>
</div><p>Above-average operating efficiency is one of Pentair’s advantages over peers. The company employs a strategy called the Pentair Integrated Management System which has allowed its organizational structure to remain lean, and which has allowed the company to grow its already strong margins in the past.</p>
<div class="lb-trans"><p>高于平均水平的运营效率是 Pentair 相较于同行的优势之一。该公司采用了一种称为 Pentair 综合管理系统的策略，使其组织结构保持精简，并在过去使公司的强大利润率得以增长。</p>
</div><p>Pentair is a leader in the markets it targets, and through tuck-in acquisitions, Pentair can grow its size and scale further.</p>
<div class="lb-trans"><p>Pentair 在其目标市场中处于领先地位，通过小规模收购，Pentair 可以进一步扩大其规模和实力。</p>
</div><p>Earnings-per-share performance during the Great Recession is below:</p>
<div class="lb-trans"><p>在大萧条期间的每股收益表现如下：</p>
</div><ul>
<li>2007 earnings-per-share of $2.12</li>
<li>2008 earnings-per-share of $2.59 (22% increase)</li>
<li>2009 earnings-per-share of $1.17 (55% decline)</li>
<li>2010 earnings-per-share of $2.00 (71% increase)</li>
</ul>
<div class="lb-trans"><ul>
<li>2007 年每股收益为 2.12 美元</li>
<li>2008 年每股收益为 2.59 美元（增长 22%）</li>
<li>2009 年每股收益为 1.17 美元（下降 55%）</li>
<li>2010 年每股收益为 2.00 美元（增长 71%）</li>
</ul>
</div><p>When we adjust for the spin-off of nVent, Pentair’s dividend growth track record remains intact. The payout ratio is not high at all, which makes us believe that the dividend looks quite safe.</p>
<div class="lb-trans"><p>当我们调整 nVent 的分拆时，Pentair 的股息增长记录依然完好。派息比率并不高，这使我们相信股息相当安全。</p>
</div><p>Even an earnings decline such as the one during the Great Recession would most likely not result in a dividend cut.</p>
<div class="lb-trans"><p>即使是像大萧条期间那样的收益下降，也很可能不会导致股息削减。</p>
</div><h3><strong>Valuation &amp; Expected Returns</strong></h3>
<div class="lb-trans"><h3><strong>估值与预期回报</strong></h3>
</div><p>Using the current share price of $104 and expected earnings-per-share of $4.87 for the year, PNR stock trades for a price-to-earnings ratio of 21.4.</p>
<div class="lb-trans"><p>以当前股价 104 美元和预计每股收益 4.87 美元计算，PNR 股票的市盈率为 21.4。</p>
</div><p>Pentair’s valuation has, on average, been in the high-teens range in the past, although Pentair traded at more than 20x net profit at times. We do believe that Pentair’s fair value multiple is 18, which is lower than the current valuation.</p>
<div class="lb-trans"><p>Pentair 的估值在过去平均处于高十几倍的范围，尽管 Pentair 在某些时候的市盈率超过 20 倍。我们认为 Pentair 的公允价值倍数为 18，低于当前估值。</p>
</div><p>Therefore, it seems that PNR stock is overvalued. We expect a contracting valuation multiple to reduce annual returns by 3.4% over the next five years.</p>
<div class="lb-trans"><p>因此，PNR 股票似乎被高估了。我们预计估值倍数的收缩将在未来五年内将年回报率降低 3.4%。</p>
</div><p>Aside from changes in the price-to-earnings ratio, future returns will be driven by earnings growth and dividend yields.</p>
<div class="lb-trans"><p>除了市盈率的变化，未来的回报将由收益增长和股息收益率驱动。</p>
</div><p>We expect 7% annual earnings growth over the next five years. In addition, PNR stock has a current dividend yield of 1.0%.</p>
<div class="lb-trans"><p>我们预计未来五年年均收益增长为 7%。此外，PNR 股票当前的股息收益率为 1.0%。</p>
</div><p>In total, we project that PNR stock will provide a total annual return of 4.6% over the next five years.</p>
<div class="lb-trans"><p>总的来说，我们预计 PNR 股票在未来五年将提供 4.6% 的年总回报。</p>
</div><h3><strong>Final Thoughts</strong></h3>
<div class="lb-trans"><h3><strong>最终思考</strong></h3>
</div><p>Pentair is a leading pure-play water/fluids company that should be able to grow through further tuck-in acquisitions and organic business expansion.</p>
<div class="lb-trans"><p>Pentair 是一家领先的纯水/流体公司，应该能够通过进一步的小规模收购和有机业务扩展实现增长。</p>
</div><p>We believe that Pentair will be able to grow its earnings-per-share at a solid pace in the long run.</p>
<div class="lb-trans"><p>我们相信 Pentair 将在长期内以稳健的速度增长其每股收益。</p>
</div><p>With expected annual returns in the mid-single-digits, PNR therefore is rated a hold right now.</p>
<div class="lb-trans"><p>预计年回报在中低个位数，因此 PNR 目前被评为持有。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>10 Best Dividend Stocks For 2026</p>
<div class="lb-trans"><p>2026 年最佳 10 只股息股票</p>
</div><p>10 Best Performing Monthly Dividend Stocks In The Past 10 Years</p>
<div class="lb-trans"><p>过去 10 年表现最佳的 10 只月度股息股票</p>
</div><p>3 Top Dividend Stocks For Monthly Payouts</p>
<div class="lb-trans"><p>3 只适合月度派息的顶级股息股票</p>
</div>

股息之王聚焦：Pentair