United-Rockwell Tie-Up Looking More Certain; Raising Rockwell FVE to Reflect Deal Probability
Reports surfaced Aug. 4 that wide-moat United Technologies was eyeing an acquisition of narrow-moat aerospace supplier Rockwell Collins. Neither company has commented. However, the absence of denials, Rockwell's cancellation of a roadshow, and further rumors of a United Technologies bid indicate to us the transaction is more likely than not to occur. Because we believe a deal will come to fruition, we’re adjusting our Rockwell fair value estimate to a probability-weighted $133 (75% chance of dea...United Technologies provides technology products and services to the building systems and aerospace industries. The company has four segments: Otis, which designs, manufactures, sells and installs passenger and freight elevators; Carrier, which provides heating, ventilating, air conditioning refrigeration, fire, security and building automation products; Pratt & Whitney, which supplies aircraft engines for the commercial, military, business jet and general aviation market; and Collins Aerospace Systems, which provides aerospace products and aftermarket service solutions for aircraft manufacturers, airlines, regional, business and general aviation markets, military, space and undersea operations.
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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