Near-Term Top-Line Softness in Portions of Eaton’s Portfolio Doesn’t Alter Our Long-Term Thesis
Narrow-moat rated Eaton had a decent 2019 first quarter, and nothing in its latest results alters our long-term view of the firm. The market reacted negatively to reduced top-line guidance, mostly as a result of its weak Vehicle segment results. That said, the firm’s stock price of about $82 trades in line with our fair value estimate, and we think most of these cyclical effects are baked into our valuation. Our fair value estimate of $83, which we plan to maintain, is slightly less (about 7%) t...
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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