PNR 在股价下跌超过50%后，以13倍市盈率、股息和回购构成价值机会；如果其下跌42%的泳池业务在清库存后企稳、美国住房市场复苏，它可能带来10%的回报并翻倍。收购应会在明年提升每股收益；自由现金流可能低于8亿美元，回购可能减少。
逐段跳播
那么，我们来看看像 Pentair 这样的公司，市盈率13倍，有股息率、股票回购、增长、收购，还有股息提高50%。这里面可能有价值。
So, let's look at companies like Pentair, with a price-to-earnings ratio of 13, dividend yield, share buybacks, growth, acquisitions, and a 50% increase in dividends. There might be value in that.
现在，情况有意思的地方就在这里。"Bentir"，潜在回报10%。这只股票已经下跌超过50%，但市盈率还在，股息也还在。超过50年的股息增长，让它成为股息之王。你可以在这里看到，它有三块业务，稳定的水流解决方案，以及与泳池相关的泳池业务下滑了42%。
这对股价造成了重大影响。这是由于去库存趋势；当去库存结束时，他们做成了一笔收购交易。它可能会被重新估值、恢复增长，让你的钱翻倍。他们最近收购了 Water Solutions。
他们历来会随着时间推移进行收购，并保持持续增长。情况好的时候，他们也会进行股票回购。所以，这就是等待下一个周期的问题。
Now, this is where the situation becomes interesting. "Bentir", a potential return of 10%. The stock has fallen by more than 50%, but the price-to-earnings ratio is still there, and the dividends are still there.
Over 50 years of dividend growth, making it the queen of dividends. As you can see here, there are three companies, stable water flow solutions, and the swimming pool sector related to swimming pools has decreased by 42%.
This had a significant impact on the stock. This is due to inventory clearance trends; when the inventory clearance ends, they have made an acquisition deal. It may be revalued, return to growth, and double your money.
They recently made an acquisition of Water Solutions. They have a history of making acquisitions over time, and consistent growth over time. When things are good, they also carry out share buybacks.
So, it's a matter of waiting for that next cycle.
我会对 Pentair 做更深入的分析，它相当于三家公司的结合体：流体、水解决方案和泳池。这三个板块未来都有潜在的正向趋势，尤其是如果美国住房市场复苏的话，而它也许有一天会复苏。
I will be conducting a deeper analysis of Pentair, which is three companies in one: flow, water solutions, and pools. Three sectors have potential positive trends in the future, especially if the US housing market recovers, and it might one day.
情况是，泳池和住房当然是相互关联的，因为住房建设和住房板块目前状态很差。因此，前几年表现很好的泳池板块正在下滑，尤其是在库存积压等方面。他们决定多卖一些，利润更低、销售额也更低，但他们预计情况会稳定下来，然后希望之后能好转。
他们只专注于自己的事：技术改进、物联网，以及通过手机控制泳池温度。你可以调节，而且这样做还能省钱。所有传统的东西，他们做的这些无聊的事，比如为其水相关业务收购 Manitowoc 的制冰业务，都是互补的。
如果他们能在增长方面继续做一直在做的事，长期来看一切看起来都稳定。他们现在为这笔收购多借了一点钱，但收购通常能自己回本。整个周期有8亿美元的自由现金流，这意味着自由现金流回报率已经达到10%。
你可以在这里看到，这就是我在那里用的数字。考虑到泳池板块的情况和那里的下滑，这个数字很可能会略低一些，但可以接受。正如我提到的，收购、执行之类的事情应该会对明年的每股收益有正面作用。
收入增长随之领先，随着时间推移也会带来利润增长。流体板块可以接受。水解决方案稳定。泳池板块状态很糟，下滑了42%。这太疯狂了。但债务很可能是可控的，而且预计在 Taco 交易完成时会增加10亿。
这意味着回购很可能会减少，但这是可以接受的。看看历史，它长期表现不错。他们做了一些回购。缓慢而稳定的增长。你可以在这里看到绿色的收购，它们确实推动了公司前进，提升了净利润、股息和回购。
回购操作很可能会减少。这是关于第二季度的一个问题。其他问题包括他们如何
The situation is that swimming pools and housing are of course interconnected, as the construction of housing and the housing sector are in a bad state. Therefore, the swimming pool sector, which was great in previous years, is experiencing a decline, especially with regard to stock building and everything else.
They decided to sell more, with lower profits and lower sales, but they expect things to stabilize, and then hope for them to improve later. They are focused solely on their work: technological improvements, the Internet of Things, and controlling the temperature of your pool via your phone.
You can adjust, and you can save money by doing so. All the traditional things, these boring things they do, like acquiring Manitowoc ice for their water-related business, are all complementary.
If they can continue doing what they have been doing on the growth side, everything looks stable in the long run. They have borrowed a little more now for the acquisition, but acquisitions usually pay for themselves. 800 million in free cash flow across the cycle, which means a free cash flow return of 10% already.
You can see that here; this is the number I used there. It will probably be slightly lower given the situation in the swimming pool sector, and the decline there, but it is acceptable.
As I mentioned, acquisitions, executions, and things like that should be positive for earnings per share by next year. Revenue growth consequently leads, over time, to profit growth as well.
The flow section is acceptable. The water solutions are stable. The swimming pool sector is in a terrible state with a 42% decline. This is crazy. But the debt is likely manageable, and is expected to increase by a billion when the Taco deal takes place.
This means that buybacks will likely be reduced, but this is acceptable. Looking at history, it has performed well over time. They made some buybacks. Slow and steady growth. You can see the acquisitions here in green that really pushed the company forward and boosted net income, dividends, and buybacks.
Repurchase operations will likely be reduced. This was a question about the second quarter. Other questions include how they