Despite Full Valuations for U.S. Defense Majors, It's Time to Hold 'Em, Not Fold 'Em
It's a strange time for the U.S. defense majors we cover: We're sitting at peak historical multiples, but the industry is only two years into what we forecast as a six-year upcycle in U.S. defense spending. Although defense budgets are headed higher, we're skeptical when we hear claims of historic defense spending increases; we only anticipate average annual growth of roughly 3% through 2021. Moreover, our detailed assessment of the Trump administration's fiscal 2017 and 2018 budgets indicates t...Raytheon, together with its subsidiaries, is a technology company, focused on defense and other government markets. The company has five segments: Integrated Defense Systems, which is engaged in integrated air and missile defense; large land- and sea-based radar solutions; command, control, communications, computers, cyber and intelligence solutions; Intelligence, Information and Services, which provides technical services to intelligence, defense, federal and commercial customers; Missile Systems, which produces missile and combat systems; Space and Airborne Systems, which develops integrated sensor and communication systems for missions; and Forcepoint, which develops cybersecurity products.
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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