Initiating Coverage of No-Moat Cobham With GBX 164 Fair Value Estimate; Shares Fairly Valued
We are initiating coverage of Cobham with a fair value estimate of GBX 164 per share and a no moat rating and believe the firm’s profitability recovery potential is largely reflected in the current share price. The firm focuses on a wide range of niches in the defence, security and commercial markets, such as communication products, pneumatic and actuation systems, aerial refuelling systems and outsourced aviation services. Owing to a variety of factors such as cyclical headwinds, consolidating ...Cobham provides technologies and services across its defense, aerospace and space markets. Co. has four sectors: Communications and Connectivity, which provides equipment and solutions to enable connectivity across a range of environments in aerospace, avionics, satellite and radio, wireless and mobile connectivity markets; Mission Systems, which provides safety and survival systems, aerial refueling systems and wing-tip to wing-tip mission systems; Advanced Electronic Solutions, which provides solutions for communication on land, sea, in the air and in space through off-the-shelf and customized products; and Aviation Services, which provides outsourced aviation services.
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.
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