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Preformed Line Products Co

PLPCAbove valueExpectations · demanding

Held by 2 superinvestors.

Price$331.722026-10-22 close · Yahoo Finance
Holders2
Total value$3.1M

SEC 10-K · fundamentals

Business quality

As of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+12.7%
Net margin
5.3%
ROE
7.4%
FCF margin
5.0%
Revenue $466.4M → $669.3M · 6y
What makes a business high quality

Valuation · value band

Above fair value

$106/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$332
cheaperpricier

Zero-growth floor

$96

Central IV

$106

Optimistic top

$131

Preformed Line Products Co (PLPC): A conservative value band $96–$131 / sh (zero-growth floor to growth-capped optimistic top); central read about $106. Today’s price sits above that band (price $332 as of 2026-10-22).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 4% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.8% · Zero-growth downside $96

Price as of 2026-10-22 · yahoo · DGS10 5.1% @ 2026-10-21.

Method & numbers

Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $74.19 – $124.54 · Greenwald zero-growth $130.97 · zero-growth base $130.97 · reproduction $96.18

Moat Franchise (via earnings growth) · terminal value 47% of present value · owner-earnings yield 2% vs 10Y 5.1%.

Graham earnings-power value (normalized NOPAT)$108.50 – $130.97 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (ok) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$73.49 – $89.82 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $458.12M + capitalized R&D $2.98M（FY 2023, 2022） = $96.18 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value gated to zero — franchise via earnings-growth bypass; growth credit stays in the owner-earnings DCF only.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 4% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.63%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-10-21). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 25.5% a year in owner-earnings for the next few years. Revenue actually grew 6.7% a year.

The market wants it well ahead of its own track record.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

2 holders · $3.1M combined · this quarter +0 opened / -0 exited

This quarter2 trimmed
Holders 1 → 2 · last 8 quarters

SEC 13F · notes

Written summary

Preformed Line Products Co (PLPC) is held by 2 of the superinvestors tracked on Compounder, with a combined $3.1M in reported 13F value. The largest position belongs to Polen Capital, where it makes up 0.0% of the portfolio.

Other notable holders by value include Jeremy Grantham (0.0% of its book).

In the quarter ended 2026-06-30, 0 of the tracked filers opened a new position in PLPC, 0 added to existing ones, 2 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Preformed Line Products Co (PLPC) also commonly hold →

PLPC's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-13· Yahoo Finance as of 2026-10-22· SEC 10-K + 10-Q (XBRL) as of 2026-06-30 · filed 2026-07-30·FRED 10-year Treasury (DGS10) as of 2026-10-21

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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