Trimming Our DowDuPont FVE to $63 Based on Lowered Near-Term Outlook; Shares Slightly Undervalued
As DowDuPont prepares to split into three separate companies later this year, the company's materials science business will face margin compression related to lower oil prices, as management guided for first-quarter EBITDA to be down low-20% year on year. Having updated our model to account for lower near-term profits, we've reduced our fair value estimate for DowDuPont to $63 per share from $66. Our narrow moat rating remains intact.The market reacted negatively to management's tempered outlo...
DowDuPont is a holding company comprised of The Dow Chemical Company and E. I. du Pont de Nemours and Company with a focus on forming independent, publicly traded companies in the agriculture and specialty products sectors. The company's worldwide operations are managed through global businesses and include the following reportable segments: Agriculture; Electronics and Imaging; Nutrition and Biosciences; Transportation and Advanced Polymers; and Safety and Construction.
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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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