Johnson Controls to Sell Power Solutions for $13.2 Billion; Lowering Our FVE to $46 Per Share
On Nov. 13, Johnson Controls announced it had reached an agreement to sell its power solutions business to a consortium of investors, including Brookfield Business Partners and Caisse de Depot Placement du Quebec, for $13.2 billion, which equates to 7.9 times power solutions' trailing 12-month EBITDA. While the deal multiple is commensurate with the one-year average EV/TTM EBITDA multiple for other automotive suppliers Morningstar covers, we think power solutions' relatively stronger profitabili...
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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