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This Atlas Doesn't Shrug, But Atlas Copco Still Not Cheap

Like 3M (NYSE:MMM), Atlas Copco (OTCPK:ATLKY) is one of my favorite industrial companies and one where valuation is a real concern to me. Atlas Copco has a fantastic compressor business and good leverage to construction and auto markets, as well as leverage to a mining business that is currently bumping along the bottom. I like the prospects for Atlas Copco to continue generate mid-single digit organic revenue growth, and being one of the strongest organic revenue growers in the diversified conglomerate space, but even with mid-to-high single-digit FCF growth it is hard to get comfortable with today's…