Carpenter Technology's 2Q Performance Keeps the Company's Growth Story Intact; Raising FVE To $54
Carpenter Technology reported solid second-quarter results and remains on track to deliver substantial profitable growth in the coming years. We forecast $205 million of operating income in fiscal 2018, a 64% increase from $125 million in 2017. Having updated our valuation model, we've raised our fair value estimate to $54 per share from $50 due to the benefits of a lower corporate tax rate and the time value of money. Our narrow moat rating remains intact.The specialty alloys operations segmen...
Carpenter Technology is a producer and distributor of alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels as well as drilling tools. The company's alloy-based materials and process solutions are used for applications in the aerospace, defense, transportation, energy, medical, industrial and consumer markets as well as additive manufacturing processes and soft magnetics applications. The company also produces metal powders and parts. The company has two business segments: Specialty Alloys Operations, which consists of the company's alloy and stainless steel manufacturing operations; and Performance Engineered Products, which consists of the company's differentiated operations.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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.
We have operations in 27 countries.
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