Dover Decides to Spin Wellsite Businesses Into a New Publicly Traded Company; Raising FVE
We’re raising our fair value estimate for narrow-moat Dover to $92 from $83 per share to reflect its decision to spin off its collection of upstream energy businesses into a new publicly traded company, with the transaction expected to occur in the second quarter of 2018. The increase is largely related to the higher EV/ EBITDA multiple that we believe this attractive slice of Dover’s Energy segment can achieve as a stand-alone entity.Under the influence of activist investor Third Point, Dover ...
Dover is a manufacturer and solutions provider. The company provides services through five segments: Engineered Products, which provides a range of products, software and services; Fueling Solutions, which provides components, equipment and software and service solutions enabling transport of fuels and other hazardous fluids; Imaging and Identification, which includes supplying precision marking and coding; Pumps and Process Solutions, which includes manufacturing of pumps; and Refrigeration and Food Equipment, which provides equipment and systems that serve the commercial refrigeration, heating and cooling and food equipment markets.
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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