Relaunching Coverage of Narrow-Moat Wesco with $73 FVE
After transferring coverage to a new analyst, we have taken a fresh look at Wesco International’s fundamentals and valuation and increasing our fair value estimate to $73 per share from $70. The increase is mainly the result of our assumption that U.S. corporate tax reform is enacted beginning in 2018 (25% federal corporate tax rate). If such tax reform is not implemented, our fair value estimate would fall to $69 per share as we slightly tempered our long-term growth and profitability estimates...WESCO International is a distributor of products and provider of supply chain management and logistics services used primarily in industrial, construction, utility and commercial, institutional and government markets. The company is a provider of electrical, industrial, and communications maintenance, repair and operating and original equipment manufacturers products, construction materials, and supply chain management and logistics services. The company's primary product categories include general supplies, wire, cable and conduit, communications and security, electrical distribution and controls, lighting and sustainability, and automation, controls and motors.
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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