ITT Should Remain on Cruise Control, but Consensus Needs to Pump the Brakes on Expectations
We are initiating coverage of ITT with a fair value estimate of $61 per share, toward the bottom of the range of consensus estimates. We award the company a narrow moat and stable trend rating with a medium level of uncertainty. We assign management a Standard stewardship rating. ITT has valuable assets with multiple favorable tailwinds that benefit its earning power. While we like the company, we believe expectations have run ahead of economic reality. Our fair value estimate implies just over ...ITT is a manufacturer of engineered components and customized technology solutions for the transportation, industrial, and oil and gas markets. The company's segments are: Motion Technologies, which manufactures brake pads, shims, shock absorbers, energy absorption components, and sealing technologies; Industrial Process, which provides a portfolio of industrial pumps, valves, and plant optimization systems and services; and Connect and Control Technologies, which designs and manufactures a range of connectors and products for applications supporting various markets including aerospace and defense, industrial, transportation, medical, and oil and gas.
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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