UTC Posts Solid Second-Quarter Results; Spins on Track
Wide-moat United Technologies reported solid second-quarter results, but they don’t alter our long-term fundamental view of the firm. Even so, we plan to raise our fair value estimate to $150 per share from $149, which implies a nearly 19 times multiple to our raised adjusted EPS assumption of $8 for full-year 2019 (toward the upper range of management’s revised guidance). We did tweak some near-term assumptions in our model--slightly higher top-line expectations for aerospace offset by slightly...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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