Cheap industrial stub with option-like spin-off

This mid-cap special sit is worth a look at 8x earnings and an upcoming spin-off

I’ve owned this name in the past (will share links to old posts below) and recently bought again after an announced spin-off of a small, less profitable segment.

It’s cheap at less than 8x earnings, has been an incredibly reliable cash generator for the decade+ it’s been public, and the spin looks like a call option on a business nearing a major inflection point.

Here are my notes, valuation, and quick take on the SpinCo (Form 10 not yet filed)…