United Technologies Reports Solid Sales Gains in the First Quarter; Raising our FVE
We’re raising our fair value estimate for wide-moat United Technologies to $129 from $122 per share following first-quarter earnings. Time value of money added $2 per share since our last update, while the remainder came from lowering our U.S. federal statutory tax rate assumption to 25%, consistent with Morningstar’s belief that U.S corporate tax reform is likely in 2018.United Technologies enjoyed solid organic revenue growth in the quarter of 3%, with all four operating segments reporting po...
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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