We Like Terex's 2018 Outlook; Maintaining Our FVE
We are maintaining our fair value estimate for no-moat Terex at $44 per share after the company’s fourth-quarter results. Like most of the companies we cover in the heavy-equipment sector, Terex finished the year strong, taking advantage of the robust global economy. Fourth-quarter EPS rose $0.26 from the prior-year quarter to $0.33, surprising consensus by $0.07 cents, or 27%. Terex beat our earnings expectations largely on the top line, increasing revenue 9.1% (5% on a constant-currency basis)...
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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