Terex Restructuring Efforts Continue to Take Shape in 2Q
We are maintaining our fair value estimate of $29 per share on no-moat Terex. Second-quarter 2017 EPS fell 13 cents to $0.51, surprising consensus by 8 cents. Broadly speaking, Terex’s business appears to be recovering, as it reported a strong increase in both backlog and bookings of 36% and 17%, respectively, across all three of its operating segments. Indeed, management raised its 2017 EPS guidance from $0.80-$0.95 to $1.05-$1.15 due to a mixture of reduced share count (7 cents) and improved o...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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