MHPS Sale Creates a Noisy Quarterly Report; Shares Look Undervalued
We reiterate our $29 fair value estimate for no-moat Terex. Announcing the $1.3 billion sale of its Materials Handling and Port Solutions business makes it as discontinued operation, however, an inability to eliminate the related corporate overhead cost and interest expense of the division, cased 2016 EPS to be negatively revised to $0.85-$1.15 from $1.30-$1.60. Expectations for an approximately 10% decline in revenue remain unchanged. Although we are reducing our 2016 EPS forecast to better ref...Terex is a global manufacturer of aerial work platforms, materials processing machinery and cranes. The company has two segments: Aerial Work Platforms, which designs, manufactures, services and markets aerial work platform equipment, utility equipment, telehandlers and light towers, including portable material lifts, self-propelled articulating and telescopic booms, scissor lifts, and trailer-mounted light towers as well as, their related components and replacement parts; and Material Processing, which designs, manufactures and markets materials processing and other equipment, including crushers, washing systems, apron feeders, conveyors, and their related components and replacement parts.
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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