We initiate on Cobham with a GBX 164 fair value estimate and believe the shares are fairly valued.
Cobham focuses on a wide range of niches in the defence, security and commercial markets, such as communication products, pneumatic and actuation systems, nose-to-tail aerial refuelling systems, and military and commercial outsourced aviation services. Owing to a variety of factors such as cyclical headwinds, consolidating of lower-margin and less moaty businesses like wireless testing, impairment of goodwill, and business restructuring, profitability and return on invested capital nosedived dur...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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