Cummins' industry-leading R&D and production scale power its economic moat.
We reiterate our narrow moat and stable trend for Cummins after news that one of its customers, Navistar, has received an equity infusion and entered a technology development and supply procurement agreement with Volkswagen. By our estimates, Navistar represents 5%-10% of Cummins’ total sales, and its agreement with Volkswagen appears poised to begin displacing Cummins’ engine sales in late 2019. While the agreement will hinder some of Cummins' heavy-duty engine sales, we believe Cummins will ma...Cummins is a diesel engine manufacturer. The company's segments include: Engine, which manufactures and markets a range of diesel and natural gas powered engines; Distribution, which is the company's primary sales, service, and support channel; Components, which supplies aftertreatment systems, turbochargers, transmissions, filtration products, electronics and fuel systems for commercial diesel and natural gas applications; Power Systems, which includes power generation, industrial, and generator technologies product lines; and New Power, which designs, manufactures, sells and supports electrified power systems ranging from fully electric to hybrid, along with components and subsystems.
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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