ITW 4Q EPS Grows 16% While Firmer Organic Growth, Lower Tax Rate Boost 2018 Outlook; Raising FVE
We plan to raise our $137 fair value estimate for narrow-moat Illinois Tool Works by roughly 5%-7% to reflect both our stronger earnings forecast and lower income tax rate assumptions. We project our fair value estimate remains more than 10% below the current share price, reflecting ITW’s strong share price performance since 2015 and our relatively moderate organic revenue growth expectations.Improving organic revenue growth and ongoing efficiency gains drove healthy 17% fourth-quarter adjusted...
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.
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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