Textron Management Aggressively Investing for Growth; Initiating Coverage With a $42 Fair Value
We're initiating coverage on industrial conglomerate Textron with a fair value estimate of $42 per share and a no-moat rating. Although we think aspects of Textron's business deserve a narrow moat, a healthy amount of no-moat businesses combined with our forecast for value destruction through 2018 constrains our moat rating to none. Our fair value translates into a 3-star rating, noting a high uncertainty for our valuation due to the multiple investments currently underway across the company.To...
Textron is a multi-industry company. The company's segments include: Textron Aviation, which manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets; Bell, which supplies military and commercial helicopters, tiltrotor aircraft, and related spare parts and services; Textron Systems, which includes unmanned systems, marine and land systems, and simulation, training and other; Industrial, which designs and manufactures a variety of products within fuel systems and functional components and specialized vehicles product lines; and Finance, which provides financing to purchasers of new and pre-owned Textron Aviation aircraft and Bell helicopters.
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