Allegion PLC (ALLE)

One of the two biggest lock and key makers in the world. Earnings were less than analysts were expecting, so stock came down. Great opportunity today. Lots of recognizable brand names, as well as electronic locks for buildings. A ton of value at 15x PE, and 20% ROIC. 50% of revenue is after market, so not tied exclusively to construction cycle. A great infrastructure play. Yield is 1.38%.

Spinoff of Ingersoll-Rand a few years ago. Boring. World's biggest lock-and-key maker, electronic office keypads. Electronics is becoming more and more of its business. Half its revenues come from after-market parts. Global. Usually #1 or #2 in its markets. We use their products every day.

Trades reasonably at ~14-15x forward PE. Lots of tuck-in acquisitions for growth. An American company based in Ireland for tax purposes. Flies under the radar. Yield is 1.52%.