Johnson Controls’ Synergy Realization Continues to Exceed Expectations; We Reiterate Our $54 FVE
After merging with Tyco in September 2016, Johnson Controls expects to realize $1.2 billion, or $1.10 per share, of synergies by 2020, with the company making great progress toward achieving that goal. The narrow-moat leader in building and power solutions now sees $0.27 per share of synergies in 2017 versus its previous expectation of $0.25. Given the company’s year-to-date progress on cost-saving initiatives and its noticeably more bullish commentary on cross-selling opportunities, we are beco...
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.
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