Rockwell's Near-Term Headwinds Don't Alter Our Long-Term Thesis
Wide-moat Rockwell Automation reported disappointing fiscal second-quarter results, but this outcome was off of difficult year-over-year comps. Nevertheless, we don’t expect to materially change our fair value estimate, as our fundamental long-term outlook remains the same. The stock traded down on the earnings announcement between 6% and 7% to about $176, or just north of our $172 fair value estimate. Rockwell’s sales grew only 0.4% year over year, but currency translation was a big culprit, as...Rockwell Automation is a provider of industrial automation and digital transformation. The company's segments include: Architecture and Software, which contains automation and information platforms, including hardware and software; and Control Products and Solutions, which combines motor control and industrial control products, other solutions and a portfolio of lifecycle services. The company's automation platform products include programmable automation controllers, design, networking products, sensing devices, machine safety devices, motion control products, and independent cart technology products. The company's information platform includes manufacturing execution system software and analytics software.
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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