Removing Carpenter Technology From Best Ideas List, but Still See 15% Upside at Our $42 Fair Value
We are removing Carpenter Technology from the Best Ideas list due to a combination of price appreciation and a fair value estimate reduction. Although shares are still trading at a 15% discount to our $42 per share fair value estimate, we are opting to highlight other opportunities that offer more risk-adjusted upside potential.Carpenter outperformed the S&P 500 by roughly 10% year to date through November month-end. Each quarter in fiscal 2016, the company delivered significant year-on-yea...
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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