Core Thesis - Franklin Electric Co., Inc. is positioned as a compelling investment opportunity due to its critical role in water and fuel infrastructure, high-margin growth potential, and stable demand across its segments [1][4]. Company Overview - Franklin Electric, founded in 1944, initially produced portable generators and later shifted focus to water systems, creating the first commercially viable submersible motor in 1953, which significantly improved agricultural efficiency and global food security [2]. - The company's Water Systems segment remains central to its operations, reflecting a history of technological leadership and consistent demand, including specialized solutions for mining and construction [3]. Financial Performance - As of September 30th, Franklin Electric's shares were trading at $95.20, with trailing and forward P/E ratios of 24.64 and 20.16 respectively [1]. - The Energy Systems segment, while accounting for approximately 13% of revenue, contributes over 30% of operating income due to high operating margins exceeding 30% [4]. Market Position and Growth Opportunities - Franklin Electric provides essential infrastructure solutions that support agriculture, construction, and fueling systems, leading to durable demand and resilient cash flow [4]. - The company benefits from secular tailwinds in water management, energy infrastructure, and regulatory compliance, making it a stable, high-margin industrial operator with significant growth opportunities [4].