Initiating Coverage on Lennox; We See Better Margins Ahead, but Shares Are Priced for Perfection
We are initiating coverage of Lennox International with a narrow moat/stable trend rating and a $155 per share fair value estimate. Lennox International manufactures and distributes residential and commercial heating, ventilation, air conditioning, and refrigeration (HVAC-R) products to replacement and new construction markets. In fiscal 2016, residential HVAC was 55% of sales, commercial HVAC was 25%, and refrigeration accounted for the remaining 20% of sales. The company goes to market with mu...Lennox International provides climate control solutions. The company designs, manufactures and markets products for the heating, ventilation, air conditioning and refrigeration markets. The company's segments are: Residential Heating and Cooling, which manufactures and markets furnaces, air conditioners, heat pumps, packaged heating and cooling systems, equipment and accessories, comfort control products, and replacement parts and supplies; Commercial Heating and Cooling, which manufactures and sells unitary heating and cooling equipment; and Refrigeration, which manufactures and markets equipment for the global commercial refrigeration markets under the Heatcraft Worldwide Refrigeration name.
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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