Maintaining Our Ford FVE Despite Weaker Near-Term Expectations and Increased EV Investment
We are not changing our fair value estimate for Ford despite some soft 2018 guidance introduced at a Jan. 16 investor conference. The changes to our model barely move our fair value because our valuation depends more on results well beyond 2018, plus some of the cost headwinds for 2018 are offset by a new 2018 tax rate of 15% (versus the previously guided 30%) due to U.S. tax reform. Beyond 2018, management is looking for a rate in the high teens, though cash taxes will remain well below that fo...Ford Motor designs, manufactures, markets, and services a line of Ford cars, trucks, sport utility vehicles, electrified vehicles, and Lincoln vehicles, as well as provides financial services through its subsidiary, Ford Motor Credit Company LLC. The company is engaged in electrification; mobility solutions, including self-driving services; and connected vehicle services. The company has three operating segments: Automotive, which includes the sale of Ford and Lincoln vehicles, service parts, and accessories; Mobility, which includes its autonomous vehicles and its investment in mobility through Ford Smart Mobility LLC; and Ford Credit, which includes vehicle-related financing and leasing activities.
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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