Report
Andrew Lange

PTC’s manufacturing position and IoT exposure secure its favorable long-term competitive position.

We are initiating coverage of PTC, a computer-aided design, or CAD, product lifecycle management, or PLM, and more recently, an Internet of Things, or IoT, software provider. We initiate coverage on this $8 billion market capitalization company with narrow economic moat and positive moat trend ratings, and a $66 fair value estimate, which equates to a price/fair value of 1.08.
We believe that PTC has carved out a narrow economic moat in the discrete manufacturing space. The firm has been able to...
Underlying
PTC INC.

PTC is a software and services company. The company's products and services include: 3D Modeling, which enables users to create designs, analyze designs, perform engineering calculations and utilize the information created downstream using 2D, 3D, parametric and direct modeling; Lifecycle Management, which enables product data management, as well as communication and collaboration across the enterprise, including product development, manufacturing and the supply chain; Data Orchestration, which delivers tools, technologies, and solutions that enable companies to develop and deploy industrial IoT applications; and Experience Creation, which provides a way to capture, create, and deliver content.

Provider
Morningstar
Morningstar

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.

Analysts
Andrew Lange

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