Atlantic Equities - Emerson Electric Co. (EMR) Acquiring Textrons Tools Test Business

Report

Atlantic Equities

Richard Radbourne

Acquiring Textron's Tools & Test Business

The announced acquisition of Textron's tools and test equipment business is consistent with EMR's strategic long term goals for its Commercial & Residential Solutions segment, and highly complementary to its existing professional tools offerings. We initially estimate that the deal could add ~$0.07 to FY19 EPS.

19/04/2018 8 EN

Underlying

Emerson Electric Co.

Emerson Electric is a company that brings technology and engineering together to provide solutions for customers in a range of industrial, commercial and consumer markets around the world. The company 's segments are: Automation Solutions, which provides measurement and analytical instrumentation, valves, actuators and regulators, industrial solutions, and process control systems and solutions; Climate Technologies, which provides products and services for residential heating and cooling, commercial air conditioning, commercial and industrial refrigeration, and cold chain management; and Tools and Home Products, which provides tools for personnel and homeowners and appliance solutions.

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US2910111044 New York Stock Exchange United States

Provider

Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

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Analysts

Richard Radbourne

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Moody's Ratings assigns A2 rating to Emerson Electric Company's new unsecured notes

Moody's Ratings (Moody's) assigned an A2 rating to the new senior unsecured notes that Emerson Electric Company (Emerson) announced earlier today. Emerson will be in the market with US dollar and Euro- denominated note offerings. We expect the company will use the net proceeds for general corporate ...

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Model update

This report contains forecasts updated for reported Q218 results. Neither our financial nor PSU estimates are materially changed and we remain Overweight with a 12m PT of $365.

October 1, 2018 October 1, 2018 5 EN

Kunaal Malde ... (+2)

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October 1, 2018 October 1, 2018 17 EN

John Heagerty ... (+3)

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September 27, 2018 September 27, 2018 14 EN

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