Adding Narrow-Moat Johnson Controls to Best Ideas List
We are adding narrow-moat Johnson Controls to our Best Ideas list because the shares are currently trading at about a 20% discount to our $54 fair value estimate; we think the market is not fully appreciating the company’s new business model and synergy potential after its recent transformative transactions. We are taking a more conservative stance than management on the company’s merger-related revenue and cost synergy opportunities and assume that the company realizes 70% of its goal. If we as...
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