Pall Corp. (PLL, $62.96)  is a global supplier of filtration, separation and purification technologies for healthcare, aerospace and industrial markets.

"Analysts believe that a combination of Pall’s broad geographic diversification (including an increasing presence in the emerging markets),  its steady stream of sales from replacement filters (~75% of revenue), and margin expansion should drive strong double-digit EPS growth over the next several years," reports Pall, Omega and Three More Growth and Income Buys, Forbes.com, January 29, 2012.  Margins are expanding due to restructuring benefits, staff reductions and plant closures.  Revenue and earnings growth is also enhanced by acquisitions and a share buyback program.

On Feb. 4, 2012, Standard & Poor's Research reported, "we project mid-single digit growth in FY 12, driven by increased global demand for biopharmaceutical, energy and commercial aerospace products. We also see growth in some water markets, and food & beverage, while microelectronics sales remain weak. Although some markets remain challenging, we expect favorable trends in emerging regions, especially Asia."

The company is consistently profitable and on a multi-year uptrend with revenue and earnings (EPS) growth.  Pall had revenues of $2.7 billion in 2011.  Wall Street projects earnings per share (EPS) to grow 16%, 12% and 15% in fiscal years 2012 through 2014.

S&P's Qualitative Risk Assessment is Medium: "Our risk assessment reflects the historically cyclical semiconductor industry and PLL's exposure to foreign markets, while civil lawsuits and an SEC and U.S. Attorney inquiry related to understating tax payments are still pending since 2007. This is offset by our view of PLL's reduced debt levels and positive cash generation."

The 2012 PE is 19.6 and the ten-year PE range has been between 11 and 48.  The 2011 long-term debit to capitalization ratio was 24.8%, the lowest it's been in ten years.  Pall Corp. stock has a current yield of 1.33%.