GD Provides Bullish Business Jet Outlook; We’re Planning to Raise Our FVE
Wide-moat General Dynamics reported fourth-quarter and full-year 2016 earnings and provided a bullish outlook. We were particularly surprised to see such a strong 2018 and 2019 growth outlook for Aerospace, but management’s track record of delivering means we’re moving up our estimates and our new fair value will land at about $174 (up from $168), but shares will remain slightly overvalued. Nonetheless, we think GD’s management is among the best in the defense industry. If shares pullback on ano...General Dynamics is an aerospace and defense company. The company has five operating segments: Aerospace, which provides a family of Gulfstream aircraft and services for business aircraft produced by Gulfstream and other original equipment manufacturers; Combat Systems, which provides combat vehicles, weapons systems and munitions; Information Technology, which provides information technology (IT) services, IT infrastructure modernization and professional services; Mission Systems, which provides mission-critical products and systems; and Marine Systems, which designs and builds nuclear-powered submarines, surface combatants, and auxiliary and combat-logistics ships.
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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