Trump Election Leads to FVE Increases Across Our Defense Names, but There Aren't Any Bargains
Based on our outlook for higher defense spending under a Donald Trump presidency, we have increased fair value estimates for the defense contractors we cover. Immediately following the election, we flagged companies involved in nuclear arms work as benefiting from Trump’s priorities. We would add contractors with exposure to the U.S. Army, given Trump’s desire to increase the service’s end strength. Our new fair value estimates are as follows: General Dynamics $168 (from $155), Raytheon $151 ($1...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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