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With a market cap of $26.2 billion, Dover Corporation (DOV) is a global provider of equipment, components, software, and services across diverse industries. Its operations span five segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies, offering solutions for automotive, aerospace, industrial, and consumer markets. Companies valued at $10 billion or more are generally considered “large-cap” stocks, and Dover fi ...

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Core Insights - SWEP, a subsidiary of Dover, has launched two new products, SWEP B327 and SWEP B224, to address the increasing demand for efficient cooling solutions in data centers and district energy applications [1] Product Launch - The new products are designed for single-phase applications, focusing on data center cooling and district heating [1] - Both SWEP B327 and SWEP B224 feature large ports for high flow rates, low pressure drop, and high thermal efficiency, making them suitable for confined spaces in data centers [1] - SWEP B327 can capture excess heat from data centers and is capable of handling thermal loads up to 1000 kW [1] Market Demand - The rise of Artificial Intelligence (AI) and High-Performance Computing (HPC) is driving the need for efficient alternatives to traditional air cooling in data centers [1] - SWEP aims to support the evolution of data centers with state-of-the-art heat transfer solutions that promote efficient, sustainable cooling and heat reuse [1] Company Overview - SWEP has been a leader in the production of brazed plate heat exchangers since 1983, with a global presence in 50 countries and over 1,100 employees [1] - Dover Corporation, the parent company, reported annual revenue exceeding $7 billion and operates across five segments, including Climate & Sustainability Technologies [1]

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Dover (NYSE:DOV) Conference December 02, 2025 11:20 AM ET Company ParticipantsAmit Mehrotra - Managing DirectorRichard Tobin - Chairman and CEOAmit MehrotraOkay. Hey, everybody. Thanks for being in the room and on the webcast. Rich Tobin, Chairman and CEO of Dover, he was just telling me that this was the event that he was looking most forward to, this fireside chat. Obviously, he didn't say that to me, but nonetheless, we appreciate you, Rich, taking the time to talk about the business. My name is Amit Meh ...

Core Insights - Dover Corporation (NYSE:DOV) is recognized as one of the 15 High Quality Dividend Stocks for Long-Term Investors [1] - Oppenheimer has raised its price target for Dover to $228 from $225, maintaining an Outperform rating, indicating confidence in the company's earnings and cash flow growth [2] - Dover's quarterly dividend remains at $0.52 per share, reflecting a strong dividend history of 70 years [3] Financial Performance - In Q3 2025, Dover reported revenue of $2.08 billion, a 4.75% increase year-over-year, driven by strong shipments in short-cycle components and contributions from acquisitions [4] - The company has raised its full-year adjusted EPS guidance from $9.35-$9.55 to $9.50-$9.60, indicating healthy demand and sustained order growth despite macroeconomic uncertainties [5]

Core Viewpoint - Dover Corporation is actively engaging with investors and stakeholders through upcoming presentations and has a strong operational presence in various industrial sectors, showcasing its diversified manufacturing capabilities and innovative solutions [1][2]. Group 1: Company Overview - Dover Corporation is a diversified global manufacturer with annual revenue exceeding $7 billion, operating through five segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies [2]. - The company employs approximately 24,000 individuals and emphasizes an entrepreneurial approach, collaborating with customers to innovate and redefine market possibilities [2]. Group 2: Upcoming Events - Richard J. Tobin, President and CEO of Dover, will present at the UBS Global Industrials and Transportation Conference on December 2, 2025, at 11:20 am ET, with a live audio webcast available on the company's website [1].

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the U.S. Multi-Industry sector, particularly datacenters and related technologies, highlighting the rapid technological changes and capacity additions by manufacturers [1][2][6] Core Insights - **Investor Interest**: Approximately 70% of investor interest in the sector year-to-date is related to datacenters, indicating a strong market focus [2] - **Technological Advancements**: Significant shifts are occurring in datacenter technology, including the adoption of 800-volt DC architecture and two-phase liquid cooling systems, expected to impact suppliers positively and negatively by 2027-2028 [6] - **New Product Launches**: Modine's TurboChill chiller was highlighted as a standout product that eliminates the need for in-row CDUs, potentially disrupting the CDU market [6][22][24] - **Capacity Expansion**: Manufacturers are rapidly increasing their production capacity to meet booming demand, with little discussion on when this demand might plateau [6][8] Company-Specific Highlights Dover Corporation (DOV) - DOV's datacenter-related revenue exceeds $100 million annually, growing at a double-digit percentage rate [7] - The company is focused on quick-disconnect couplings and has noted long lead times in gas turbines, which could benefit GEV [8] Eaton Corporation (ETN) - ETN is developing an 800V sidecar offering, expected to start taking orders in 2026, which could disrupt the current AC-dominated market [11] - The company anticipates a 70% annual sales growth from the Boyd Thermal acquisition, with a total addressable market (TAM) of $3.4 million per MW once integrated [11][12] Gates Industrial Corp. (GTES) - GTES aims to increase its datacenter sales from a few million to $100-200 million, with a TAM exceeding $2 billion [14] - The company is innovating in hose and pump technology to meet increased cooling demands [17] Mitsubishi Power - Mitsubishi Power plans to double its gas turbine capacity due to rising utility and datacenter demand, with long lead times creating favorable pricing conditions [21] Modine (MOD) - MOD's new TurboChill chiller is expected to significantly reduce space and cost for datacenters, with a manufacturing capacity expansion aimed at increasing sales from $40 million to $2 billion by 2028 [22][24] nVent Electric plc (NVT) - NVT is focusing on intelligent fluid monitoring systems and has a large service business with over 800 field technicians [23] - The company is not looking to enter the cold plate market, citing a lack of synergies [25] Parker-Hannifin Corp (PH) - PH is developing two-phase liquid cooling products, with mass production expected to begin in 2027-2028 [29] - The company has seen significant growth in datacenter sales, although it does not sell directly to hyperscalers [29] Vertiv Holdings Co. (VRT) - VRT emphasizes its complete power and cooling portfolio, with innovations in liquid cooling and energy storage systems [28][33] - The company is leveraging AI for predictive maintenance and has a strong service network with over 4,400 technicians [33] Additional Insights - **Market Dynamics**: There is a noted downward pricing pressure in some product categories due to increased capacity, despite strong volume growth [6][9] - **Cleanliness in Cooling Loops**: A significant issue in the datacenter market is maintaining cleanliness in cooling loops, which DOV claims to manage effectively [9] - **Modularization Trend**: The trend towards prefabricated, modular infrastructure is gaining traction, particularly for large-scale datacenter campuses [8] Conclusion The U.S. Multi-Industry sector, particularly in datacenters, is experiencing rapid technological advancements and capacity expansions, with various companies positioning themselves to capitalize on these trends. The competitive landscape is evolving, with new products and innovations expected to reshape market dynamics in the coming years.

Key Takeaways from the Conference Call Industry Overview - The conference focused on the industrial and materials sector, particularly in relation to data center cooling technologies and solutions. Key companies discussed include nVent Electric, Vertiv, Eaton Corp, Jabil, Motivair, Modine, and Dover. Core Insights 1. **Strong Demand** Companies reported robust backlog coverage and bookings extending into 2027 and 2028, indicating a strong demand for their products and services [1][2][3] 2. **Shift to Pre-fabricated Solutions** There is a notable shift towards pre-fabricated solutions that can significantly reduce installation times from weeks to as little as one day, addressing labor shortages and coordination challenges on-site [2][3] 3. **Importance of Services** Services, particularly in liquid cooling, are critical. Companies are leveraging AI and digital capabilities to enhance service delivery through data-driven approaches rather than traditional time-based schedules [3][4] 4. **Emergence of 800V Technology** Several companies showcased 800V technology, aligning with future silicon roadmaps, which is expected to support advanced applications like AI [3][4] 5. **Future Cooling Technologies** - Mixed opinions on two-phase cooling technology, with some seeing it as a long-term opportunity (3-7 years out) while others cite challenges [4] - Modine introduced a stainless steel chiller aimed at improving reliability and efficiency in cooling systems [4] - Immersion cooling is viewed as a niche market for the next few years [4] Company-Specific Insights nVent Electric - **Liquid Cooling Inflection Point** The company is capitalizing on the shift from air cooling to liquid cooling, with a portfolio of 10 new products and enhancements to existing solutions [9][10] - **Alignment with Hyperscalers** nVent is closely working with NVIDIA and AMD to ensure its cooling solutions align with new chip releases through 2030 [11] - **Integrated Solutions** The company is moving from selling components to providing full solutions, exemplified by their Technology Cooling System (TCS) [13] Vertiv - **Technological Innovations** Vertiv is focusing on 800V technology and has developed pre-fabricated solutions that significantly reduce installation complexity and time [17][18] - **Service Capabilities** The company has a large service team and is utilizing AI for maintenance and service scheduling, enhancing its service offerings [19] Eaton Corp - **Next-Generation DC Architecture** Eaton is developing a new DC architecture aligned with NVIDIA's 800V systems, targeting high-density power solutions [23][24] - **Scalability and Efficiency** The company emphasizes the scalability of its DC systems and aims to improve efficiency through reduced power conversion [25] Jabil - **Cold Plate Technology** Jabil's cold plate technology supports liquid cooling effectively, with expectations for continued industry relevance [30] Motivair - **Capacity Expansion** Motivair is aggressively expanding its manufacturing capabilities to meet demand, with a focus on prefabricated modular cooling solutions [34][37] Modine - **Innovative Chillers** Modine's new stainless steel chiller enhances system reliability and is designed to support liquid cooling without the need for in-row CDUs [39] Dover - **Strategic Focus** Dover's CPC division is expanding capacity and expects revenues from data centers to exceed $100 million in 2025, driven by a focus on high-reliability connectors [41][42] Risks and Valuation - **Valuation Ratings** - nVent Electric: Buy, price target of $140 [14] - Vertiv: Buy, price target of $182 [20] - Jabil: Buy, price target of $252 [32] - Dover: Buy, price target of $218 [45] - **Key Risks** Risks include potential deceleration in growth, pricing pressures, and challenges in maintaining margins due to competitive pressures and market dynamics [14][21][32][45]