Alfa Laval AB

“Alfa Laval is an above-average industrial compounder — genuine moat, excellent ROIC, aligned ownership, long reinvestment runway — but at SEK 564 and 25.7x forward earnings the stock is priced for execution with a thin margin of safety, limiting 10-year base-case returns to roughly 8–11% CAGR and making a 15-20% pullback the sensible entry trigger rather than buying near 52-week highs.”