Is Applied Industrial Technologies (AIT) Priced Close To Fair Value?

Applied Industrial Technologies has been a strong performer in recent years, which puts a spotlight on whether the current US$317 share price still lines up with the cash the business is expected to generate. For anyone looking at the stock today, the real issue is how that recent share price journey compares with the intrinsic value suggested by its cash flows. Over the past 5 years the stock has returned about 240%, which puts long term holders in a very strong position and raises the...