We Lower Babcock’s FVE but Still Believe Shares Are Undervalued
We are decreasing our fair value estimate for narrow-moat Babcock to GBX 960 from GBX 1,060 per share for the London-listed shares to adjust for lower-than-expected procurement by the U.K.’s Ministry of Defence of spare and commodity items and reduced demand for marine transportation systems in the oil and gas sector, both for 2018 and 2019. Our revised estimates assume no successful re-bid for the decommissioning of the 12 Magnox and RSRL sites in partnership with Fluor, resulting in approximat...Babcock International Group is a holding company. Through its subsidiaries, Co. operates in four sectors: Marine, which provides an array of marine and naval engineering services; Land, which provides fleet management and training for customer-owned defense, emergency services, global airport and commercial vehicle fleets, as well as engineering services and technical training for customers worldwide; Aviation, which delivers an array of engineering services to defense and civil customers; and Cavendish Nuclear, which delivers nuclear engineering on nuclear decommissioning programs and projects across the U.K., as well as nuclear engineering services in training and operation support.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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