Colfax Corp (CFX)

Background: read about Danaher and the Rales brothers [The Outsider]

CEO was changed this year but the previous and the next guys are related to Danaher. The older CEO was around 59 year so it is not very clear why he moved (was CEO since 2012).

Management Compensation:

Screen Shot 2015-09-09 at 10.13.00 PM

Shareholding 2014

Screen Shot 2015-09-09 at 10.15.28 PM

Shareholding 2013

Screen Shot 2015-09-09 at 10.19.24 PM

So, BDT as well as Rales have sold shares in the last two years.

Balance Sheet

$305M cash/$2.8B goodwill/$1.5B LT debt/$3.3B equity.
No debt convenants. There are some clauses about interest coverage but this seems quite safe.

Valuation

EV = ~ $6B ($37/share)
EBITDA = 600M
EV/EBITDA = 10x

Business: Fluid handling, equipment/filler metal for welding, precision air and gas handling equipment.

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