We Initiate Coverage of Global Engineering and Construction Firm KBR With FVE of $15
We initiate coverage of leading global engineering and construction, or E&C, firm KBR (formerly Kellogg Brown & Root) with a $15 fair value estimate. KBR is emerging from a multiyear restructuring effort to raise efficiency, de-risk its project portfolio, and address outstanding legacy issues.Under CEO Stuart Bradie, no-moat KBR has completed more than $200 million in annual cost reductions, strategic acquisitions, divestments of and exits from several businesses, a revamped operating s...
KBR provides services and technologies across the asset and program life-cycle within the government services and hydrocarbons industries. The company has three segments: Government Solutions, which provides life-cycle support solutions to defense, space, aviation and other programs and missions for military and other government agencies; Technology Solutions, which combines technologies, equipment and catalyst supply, digital solutions and associated knowledge-based services into a global business for refining, petrochemicals, inorganic and specialty chemicals; and Energy Solutions, which provides life-cycle support solutions across the upstream, midstream and downstream hydrocarbons markets.
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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