Report
Joshua Aguilar
EUR 100.00 For Business Accounts Only

ITW Reveals No New Surprises in Its 1Q 2019 Results as We Maintain Our FVE

Nothing about narrow-moat Illinois Tool Works’ first-quarter 2019 performance alters our long-term view of the firm. As a result, we plan to maintain our $141 fair value estimate as we update our model. Organic top-line growth was down 1.5% but flat on an equal days basis. That said, we had largely expected seasonal headwinds during the front of the year, which we expect to moderate as ITW moves to the back half of the year. Indeed, management reports that sales trends were already improving in ...
Underlying
Illinois Tool Works Inc.

Illinois Tool Works manufactures a range of industrial products and equipment. Automotive OEM segment produces components and fasteners for automotive-related applications. Food Equipment segment is engaged in commercial food equipment. Test and Measurement and Electronics segment produces equipment for testing and measuring of materials and structures. Welding segment produces arc welding equipment, consumables and accessories. Polymers and Fluids segment produces adhesives, sealants, lubrication and cutting fluids for auto aftermarket maintenance. Construction Products segment supplies fastening systems and solutions. Specialty Products segment is focused on patent protection.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Joshua Aguilar

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