Continued challenges in the mining markets have eroded Joy Global's moat.
We reiterate our $28.30 fair value estimate for no-moat Joy Global. Although the company suspended updating guidance after announcing a sale to Komatsu, full-year results were in line with prior guidance for $2.4 billion-$2.6 billion of sales, $0.10-$0.50 of EPS, and $200 million of free cash flow. Actual results were for $2.4 billion of sales, $0.13 of adjusted EPS, and $211 million of free cash flow, or $ $264 million when including $53 million of sales proceeds from restructuring-oriented pla...
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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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