Roper's Industrial Snapback in 1Q Is a Welcome Surprise; Raising Our FVE
We’re raising our fair value estimate for narrow-moat Roper to $190 from $175 after strong first-quarter results. We added about $3 for time value of money and better-than-expected results in Roper’s industrial business, while the remainder came from lowering our U.S. federal statutory tax-rate assumption to 25%, consistent with Morningstar’s belief that U.S corporate tax reform is likely in 2018.Revenue jumped 22% year over year to over $1.1 billion in the quarter, driven in part by the additi...
Roper Technologies designs and develops software and engineered products and solutions for a variety of end markets. The company has four segments: Application Software, which includes Aderant, CBORD, CliniSys, and Data Innovations; Network Software and Systems, which includes ConstructConnect, DAT, Foundry, Inovonics; Measurement and Analytical Solutions, which includes Alpha, CIVCO Medical Solutions, CIVCO Radiotherapy, Dynisco, FMI, Hansen, Hardy, IPA, Logitech, Neptune, Northern Digital, Struers, Technolog, Uson, Verathon; and Process Technologies, which includes AMOT, CCC, Cornell, FTI, Metrix, PAC, Roper Pump, Viatran, Zetec.
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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