We Maintain Our No-Moat Rating for Terex as Industry Dynamics Suggest It Has Limited Leverage
After taking a fresh look at Terex, we are increasing our fair value estimate to $44 from $42.50 and maintaining our no-moat rating. The change is due to the time value of money and an increase of our stage II EBI growth assumption to 3% from 2%. Despite management’s enthusiasm for reaching a 10% operating margin by 2020, we anticipate a figure of approximately 8%, with a midcycle operating margin of 9% in 2022. We observe that Terex' transformation into a leaner organization is an ongoing effor...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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