Boeing's Commercial Production Ramp Drives Our $335 Fair Value Estimate Despite Indefinite MAX Ban
We consider shares for wide-moat Boeing to be overvalued compared with our $335 fair value estimate, even after we tuned our forecast 10-year Stage I period. We expect Boeing’s backlog of nearly 6,000 aircraft will allow it to boost production into the next decade and drive commercial aircraft growth, even with the near-term MAX impasse. With 737 deliveries falling in 2019 to a production rate of 42 per month from 52, we expect operating cash flow will recede before rebounding in 2020. The 2020 ...The Boeing is an aerospace firm. The company's segments include: Commercial Airplanes, which develops, produces and markets commercial jet aircraft and provides fleet support services, mainly to the commercial airline industry; Defense, Space and Security, which engages in the research, development, production and modification of manned and unmanned military aircraft and weapons systems for strike, surveillance and mobility, vertical lift, and commercial derivative aircraft; Global Services, which provides supply chain and logistics management, pilot and maintenance training systems and services, and data analytics and digital services; and Boeing Capital, which manages overall financing exposure.
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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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