United Technologies Is Digesting Rockwell and Ramping the GTF Engine, While Preparing for a Breakup
United Technologies crushed fourth-quarter 2018 consensus EPS of $1.53 by around 40 cents thanks to taxes and strong performance from recently acquired Rockwell Collins (dilution was 3 cents compared with management expectations of 10 cents). We count the solid outlook for Rockwell’s 2019 cash flow coupled with acquisition synergies already coming through as positives as well. The name rallied 5% post-earnings but our $144 fair value still implies 20% upside. We also updated our sum of the parts...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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