Eaton’s Third-Quarter Results Remain Entrenched in Cyclical Weakness; Shares Slightly Undervalued
We’re maintaining our $67 fair value estimate for narrow moat-rated Eaton despite disappointing third quarter earnings, as margin improvement outpaced our initial forecasts, offsetting near-term reduction in organic revenue growth. We now see shares as slightly undervalued. Sales just shy of $5 billion came in lighter than expected in the quarter, reflecting year-over-year organic decline of 3%. Although sequential revenue declines continued to moderate in Electrical Systems, Hydraulics, and Veh...
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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