Transitioning Coverage of Caterpillar to New Analyst; Increasing Our FVE to $95
We are moving coverage of Caterpillar to a new analyst and increasing our fair value estimate to $95 from $82 with wide-moat and stable moat trend ratings. Our $95 fair value estimate equates to about 20.8 times and 9.6 times our base-case 2018 EPS and EBITDA estimates, respectively. Caterpillar's current forward P/E and EV/EBITDA multiples are moderately above the implied multiples on our $95 per share base-case fair value estimate, but to achieve these multiples in our DCF model, we would have...Caterpillar is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company segments include: Construction Industries, which supports customers using machinery in infrastructure, forestry and building construction; Resource Industries, which supports customers using machinery in mining, heavy construction, quarry and aggregates, waste and material handling applications; Energy and Transportation, which supports customers in oil and gas, power generation, marine, rail and industrial applications, including Cat? machines; and Financial Products, which provides financing and related services.
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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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